NOON UPDATE
The market internals have shown the way again as the early morning flat markets have now given way. The internals are now 1,800 to the red and the SP500 is lower by 8 and the NAZ is lower by 11.
The best performing sector today surprisingly is the Semis. The worst performing sectors are the Homies, Drugs and Oils. The 10 Year Bond yield of 4.9% may now be scaring investors along with all those overbought readings (2 day RSI of over 97) on the SPY and the QQQQ. Did I just hear that Bill Griffith was attributing the selloff to the Scooter Libby/ President Bush leak? They have go to be kidding. If so, why are the Semis up and why is AAPL and GOOG higher. I guess they are unaffected by presidential leaks.
The Volatility Sisters are "ripping" higher this morning and maybe we can get a buy signal for next week. The VIX buy signal would be an area north of the 12.6 area.
The first level of support on the SPY of 130.5 didn't hold and I didn't buy. The next area is down at 129 and I expect that level to be at least touched.
The best performing sector today surprisingly is the Semis. The worst performing sectors are the Homies, Drugs and Oils. The 10 Year Bond yield of 4.9% may now be scaring investors along with all those overbought readings (2 day RSI of over 97) on the SPY and the QQQQ. Did I just hear that Bill Griffith was attributing the selloff to the Scooter Libby/ President Bush leak? They have go to be kidding. If so, why are the Semis up and why is AAPL and GOOG higher. I guess they are unaffected by presidential leaks.
The Volatility Sisters are "ripping" higher this morning and maybe we can get a buy signal for next week. The VIX buy signal would be an area north of the 12.6 area.
The first level of support on the SPY of 130.5 didn't hold and I didn't buy. The next area is down at 129 and I expect that level to be at least touched.
posted by DAVID at
12:33 PM
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