THE CLOSE
Markets close not far from where they started as the DJIA -6, NAZ plus zero, SPX +1.5 on the heels of higher oil stocks.
The hated oil stocks were the big winners on the day as the OIH/ XLE ramped on the heels of slightly higher crude.
Other sector winners included Indian stocks, Israeli stocks, metals, semis, tech and trannies. Losers included internets with YHOO and EBAY taking the biggest beating. Financials including most of the big brokers were also lower.
Market internals closed with about 180 more stocks lower than higher.
Volatility indexes, generally a mixed bag with most trading in the middle of their recent ranges leaving the buy low sell high group out of the markets as most ETF's are overbought.
I spent the day shorting the YM (DJIA Futures) on overbought Tick readings. It is a great system and anyone who wants to trade it should check out the John Carter book Mastering The Trade.
I suspect most of the recent rally came on the heels of lower interest rates (long bond at 4.75%, and lower oil prices ($78 to $62). I just wonder if we are now seeing the lows on both.
The hated oil stocks were the big winners on the day as the OIH/ XLE ramped on the heels of slightly higher crude.
Other sector winners included Indian stocks, Israeli stocks, metals, semis, tech and trannies. Losers included internets with YHOO and EBAY taking the biggest beating. Financials including most of the big brokers were also lower.
Market internals closed with about 180 more stocks lower than higher.
Volatility indexes, generally a mixed bag with most trading in the middle of their recent ranges leaving the buy low sell high group out of the markets as most ETF's are overbought.
I spent the day shorting the YM (DJIA Futures) on overbought Tick readings. It is a great system and anyone who wants to trade it should check out the John Carter book Mastering The Trade.
I suspect most of the recent rally came on the heels of lower interest rates (long bond at 4.75%, and lower oil prices ($78 to $62). I just wonder if we are now seeing the lows on both.
posted by DAVID at
4:25 PM
1 Comments:
That's a great trade - I read Carter's book based on your reco - I thought it was great.
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