Morning Thoughts June 14
SPX traded lower all afternoon and closed just off lows. 1300 never tested. Volumes remained muted, down 10% v 10d avg at just over 6bln shrs. 9/10 super sectors lower with Energy, Mats, Cons Disc all down over 100bp (Telcos +7bp). Signs of shorting in Energy in particular. Moody’s downgrades, Spanish bailout details, and the […]
A technical peek at the Nasdaq
In the early innings of 2012 the Nasdaq was the trend-setter and place to be for momentum investors and adrenaline- junkie-traders alike. I cautioned investors for much of the rally that such a vertical move especially when more or less based on one stock (Apple) will at the very least mean-revert over time. I further […]
Morning Thoughts June 13
Things are changing here…besides the selloff after the Spain bank bailout note this: German 10-yr yields 1.504%, highest since May 16; EUR/USD at $1.2517 after falling to two-year low of $1.2288 on June 1; Spain 10-yr 6.67% after yesterday reaching euro-era high of 6.834% Movement in bunds and EUR/USD are “warning signs that Germany simply […]
A look at world markets – where we stand
While we’ve had a good amount of economic data points out this week likely the most watched print is out tomorrow (Friday) morning: the May employment report. Meanwhile we remain in an environment that is littered with headlines and rumors, any of which can quickly move major stock indices 1%. Monetary policy hawks and doves […]
Morning Thoughts May 30
Well off lows – volumes better by 24% vs. Fri, but Friday was the LOWEST volume day of the year (yesterday’s volume 14% below 10day ave) – technically nowhere – macro was bad and Spain fell to another 9yr low, but markets held (definitely a win). We rallied after 10am EST on chatter ECB could […]
Morning Thoughts May 29
SPX closed Friday near lows on extremely thin trading ahead of the 3 day weekend. Volumes were down 35% vs the 5day avg at just 4.8bln shrs. Market clung to hopes that Merkel is considering debt sharing plan. Germany has reportedly developed a 6 step plan for growth for struggling Euro Zone members. However, S&P […]
Morning Thoughts May 25
Directionless – volumes down 10% DoD (-7% vs 10day ave) – quieting down as head to 3 days weekend – SPX rallied late day (and regained day’s VWAP) on headlines Italy PM Monti reit support for euro bonds and said “hopeful Italy can move Germany to accept actions for the greater good of the EU”. […]
Morning Thoughts May 24
Market ripped after Europe close – Massive squeeze in BETA plays (miners, Gold plays, Steels, Coals….Banks big move too) – 3 stories late in PM pushed us higher: 1) Unconfirmed chatter about a Euro area wide bank deposit guarantee scheme endorsed by Merkel (was on TTN) 2) CNBC reported that Italian PM Monti and France’s […]
Morning Thoughts May 23
SPX basically unch, but could not hold early gains. Headline from Papdemos that ‘preparations for Greece Euro exit considered’ clearly did not help. Volms -6% v 5d avg. Risk for sale with RTY -66bp, SOX -77bp, Cycl/Def -16bp. Fncls closed off highs, but held onto most gains with S5FINL +70bp (best supersector) & BKX +113bp […]
SPX…quickie update
spx now digesting some of yesterday and this morning’s gains thus far still a healthy bounce after the extreme oversold levels from an oscillators perspective on friday it is difficult to imagine only a one day bounce. should last at least a few days…though not in a straight line i am raising my stops to […]