12.08.2006

PM SNOOZEFEST


Markets were all over the map this morning but this afternoon brought a complete about face as the markets seem stuck with the DJIA +34, NAZ +13 and SPX +3.5.

The big tell triumverate of GS GOOG and AAPL are all green with GS retracing most of yesterday's selloff.

Sector leaders include brokers, internets, oil service, software, biotech and tech with metals and the semis leading to the downside.

Market internals have flipped to flat a green 220 on NAZ and flat on the NYSE.

The 10 year Bond has sold off big on the heels of the higher dollar and the rate now approaches 4.55%.

Most of the DJIA stocks are higher with C, the target of Jim Cramer's wrath, higher on the rumor of executive departures or a break up. Other DJIA winners include MCD AXP AA PFE and VZ. Losers include MMM HON DD HD and HPQ.

Interesting how Jimmy calls a number of folks at C and at the New York Football Giants clowns. Real clown, Jimmy, is in your reflection as you perpetuate the fraud that recommending a thousand stocks a year is a way to make a lot of money (mad money). Note, Jimmy's Action Alert portfolio up about 6% for the year, but when I asked the rm.com folks about the track record they blame it on trading restrictions. Now why don't the folks at CNBC flaunt the performance of his portfolio? Oh no, we only talk the winners- the losers don't count. Always something.

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