UGLY CLOSE
Markets close ugly again with the DJIA just 31 points away from the 12,000 level. Question, what will CNBC journalists do with their DJIA 12K memorabilia (hats etc.
Market internals very bearish with about 1,400 more losers than winners on NAZ and 1,000 more red than green on NYSE. Internals on NYSE would have been worse if not for the drop in interest rates. The 10 year Bond is back at 4.56% which may also signify time for a bonds to stocks allocation adjustment.
Best sectors today was GOLD and SILVER; the worst everything else but small caps, brokers, airlines, SOX, retail and tech were the worst of the worst.
The 21 day SMA on the SPX is at hand ( no picture as another pristine day for GOOG blogger) and many a trader/technician pays attention when that level is hit. The 2 day RSI on the SPX is also at a nice buy level of 6. So maybe turnaround Thursday - tomorrow.
Our friend Liz Ann Sonders was back on bubblevison this afternoon crowing about it being time to be defensive. She also likes tech. Here is what Liz Anne said back at the summer lows; funny how she didn't mention those comments, but she did mention she has been cautious.
Final note, I have been watching BLOOMBERG primarily and have only switched to the Bubble station when I get pinged of some upcoming or present amusement. Bloomie, to those who have it available, offers more knowledgeable hosts, more informative information and guests who actually get asked challenging questions; and no cheerleading. What a relief not having to hear Haines et al constantly cheering the markets higher.
Market internals very bearish with about 1,400 more losers than winners on NAZ and 1,000 more red than green on NYSE. Internals on NYSE would have been worse if not for the drop in interest rates. The 10 year Bond is back at 4.56% which may also signify time for a bonds to stocks allocation adjustment.
Best sectors today was GOLD and SILVER; the worst everything else but small caps, brokers, airlines, SOX, retail and tech were the worst of the worst.
The 21 day SMA on the SPX is at hand ( no picture as another pristine day for GOOG blogger) and many a trader/technician pays attention when that level is hit. The 2 day RSI on the SPX is also at a nice buy level of 6. So maybe turnaround Thursday - tomorrow.
Our friend Liz Ann Sonders was back on bubblevison this afternoon crowing about it being time to be defensive. She also likes tech. Here is what Liz Anne said back at the summer lows; funny how she didn't mention those comments, but she did mention she has been cautious.
Final note, I have been watching BLOOMBERG primarily and have only switched to the Bubble station when I get pinged of some upcoming or present amusement. Bloomie, to those who have it available, offers more knowledgeable hosts, more informative information and guests who actually get asked challenging questions; and no cheerleading. What a relief not having to hear Haines et al constantly cheering the markets higher.
posted by DAVID at
5:01 PM
3 Comments:
This brings up an intersting question. Who should we use as an indicator to go against? Liz Ann or Jimmy Cramer? Liz is a bear and Jimmy is a bull. I guess sooner or later you have to be right by plain chance or just dumb luck and looks like one of these indicators will notch a mark in "right" column.
BTW, love your site. Read it daily.
Geez guys - the market goes up and down - what a concept. Every 20 to 40 days or so it cycles - been doing that for years and years and years - probably going to continue to do that for years and years and years. Don't need a bobblehead on bubblevision to inform me - can see that with my own eyes.
I agree with you on Bloomberg - they aren't GE.
Also enjoy the site - keep it up
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