THE CLOSE
Here we go again, all the CNBC blather about new highs yadda yadda yadda. Credit to Pisani for mentioning that we really have not gone anywhere in a while so don't be to excited.
The SPY shockingly closed right at 131- the Pivot Point resistance on the day. Today was the first time in the last 12 days that the actual SPY pivot was not touched. I bet that the streak starts again tomorrow with the pivot at 130.9. Also, please be careful as the 2 day RSI of the SPY is now at 94. History tells us its not a good time to buy equities for short term gains regardless of what some TV guys may be screaming.
The best performing sectors today were Homies/Reits ( thanks to bonds getting a bid 4.84%), Big Cap Tech and Semis, Oils, Metals and AAPL. The market internals were fairly tame only 240 more winners than losers on the NAZ. Our old friends, the Volatility Sisters have really done nothing lately and have not given any signals in weeks. Of course the markets have not moved much in weeks either.
The SPY shockingly closed right at 131- the Pivot Point resistance on the day. Today was the first time in the last 12 days that the actual SPY pivot was not touched. I bet that the streak starts again tomorrow with the pivot at 130.9. Also, please be careful as the 2 day RSI of the SPY is now at 94. History tells us its not a good time to buy equities for short term gains regardless of what some TV guys may be screaming.
The best performing sectors today were Homies/Reits ( thanks to bonds getting a bid 4.84%), Big Cap Tech and Semis, Oils, Metals and AAPL. The market internals were fairly tame only 240 more winners than losers on the NAZ. Our old friends, the Volatility Sisters have really done nothing lately and have not given any signals in weeks. Of course the markets have not moved much in weeks either.
posted by DAVID at
4:12 PM
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