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 […]
My SPX Resistance Points
1320 1340 1352 1357-1360 and 1370ish
Early Morning Movers…
ADVANCERS: • JMBA +23%; Raises company-owned comp sales forecast • YHOO +5.7%; Alibaba to buy back stake for $7.1b • SWHC +5.2%; 4Q prelim. sales above forecast • ANR +2.6%; Raised to buy at Brean Murray • PCX +3.3% • BCS +2.3%; To sell $6.1b stake in BlackRock • BLK -2.9% • MMI +2%; GOOG […]
One Possible Scenario…
We all have witnessed the central bank liquidity induced rip-your-face-off rally from December to early April and the subsequent sell-off to levels in the S&P 500 not seen since mid January. Big name brokers such as Credit Suisse barked loudly about their call of a move into equities and out of bonds right near the […]
Morning Thoughts May 21
US markets continued to trend lower on Friday as investors took risks off the table ahead of the weekend. There were no specific news driving the market. Of the 24 industry groups in the S&P500, only Telecom Services was up on the day driven by strength in AT&T. Despite the ongoing macro concerns, euro strengthened […]