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 […]
Taking 1/3 Profits in SPY long
Took 1/3 profits just now at 1324 SPX equivalent in the SPY long position iniated last Thursday late afternoon. 1320, my next upside target has been reached.
Morning Thoughts May 22
Great move on very thin volumes – closed at absolute highs, vlms 24% below Fri (and 12% below norm) – VWAP a support all day . Rotation to risk evident (SPX Cyclical/Defensive ratio +1.8%….best one day rally since Jan 18th) – CYC index rallied 2.4%. VIX fell over 12%. Simply an overdue rally – As […]
SPX vs % of NYSE Stocks Above 200 SMA
The chart below compares the S&P 500 to the % of stocks on the NYSE trading above their respective 200 day simple moving average. The white line has taken quite the plunge recently and traded below the orange line (SPX) all year. More importantly however let me point out how both bulls and bears can […]