OPENING TRAP
Markets have settled in lower after starting briskly out of the gate on the heels of the Captain Kirk offer and the good news from DELL.
Strong sectors include oils, metals, gaming, internets, airlines and tech while loser in the land of biotech, trannies, software, retail and drugs.
Market internals are +500 on the NYSE and -300 on the NAZ.
Oil crop reports a big build and the OIH is getting sold which is probably a chance to buy for a run up into year end.
DJIA winners include AA DD HON PFE and BA; to the downside finds GM XOM HPQ and JPM.
I bought some DJIA futures down around the 12,330 level for a quick flip as this market rarely stays down for long
posted by DAVID at
10:33 AM
2 Comments:
I've read you being bullish on oil heading into the yr end and I'm in the same camp and bought some names in late summer/early fall (seems like only one of the few right calls I made this yr. Tuff mkt this yr). Anyway, do you expect increase in volatility heading into the yr end for the oils due to tax-loss selling? Lot of the names, specially in oil services are still down from spring high. If you anticipate run up, then would you start buying the names which are up for the yr (less selling pressure at the yr end) and start selling the names that are down for the yr? Appreciate your thoughts on this. Thx.
There may be some selling but the price of crude will no doubt be the main focus
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