ROLLOVER?
So did the Philly index give market participants a dose of reality? Were the smelly SOX telling us something over the last few days? And why buy stocks (except very short term) when the VIX/VXO levels are around 11/12?
And isn't it great that the 10 year Bond is back down to the 4.65% level, a full 60 basis points under the 5.25% Fed Funds rate.
So who is correct, Stock Buyers who have driven the DJIA to about 100 points below the all time highs or Bond traders who continually tell us the economy is slowing?
And who would have thought that oil stocks would ever have a green day again?
Green sectors today include GOOG AMGN oils and metals with just about everything else in the red with semis, internets, small caps, airlines and retailers bringing up the rear.
Market internals aren't wildly bearish at -1,500 but the DJIA is getting crushed on the heels of the HPQ news while the SPX is buoyed a bit by the crude patch.
And isn't it great that the 10 year Bond is back down to the 4.65% level, a full 60 basis points under the 5.25% Fed Funds rate.
So who is correct, Stock Buyers who have driven the DJIA to about 100 points below the all time highs or Bond traders who continually tell us the economy is slowing?
And who would have thought that oil stocks would ever have a green day again?
Green sectors today include GOOG AMGN oils and metals with just about everything else in the red with semis, internets, small caps, airlines and retailers bringing up the rear.
Market internals aren't wildly bearish at -1,500 but the DJIA is getting crushed on the heels of the HPQ news while the SPX is buoyed a bit by the crude patch.
posted by DAVID at
3:07 PM
2 Comments:
Hi ! The Semicondutor Index today had a significant fall, and in the daily chart we can see that thi movement has stopped near the bottom of the trend, however one sell signal was given us by the MACD with the fast line crossed below MACD slow line. If tomorrow we break the green line to the downside further declines to 400 level should be expected from here into October. Let's see if this cenario will be confirmed. I still cautions in the long side here.
Based on the last two hours yesterday (off the 30 minute charts) I'd buy the SOX, smelly or not, today. (If I traded semis - which I - as most others - obviously - do not).
Historically the week after expiry in September has a couple of down days and the following week is an up week - end of quarter buying. No reason not to start today.
Have a good trading day. There is always something to buy or - failing that - to sell.
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