MIDDAY CHOP CONTINUES
Did someone say chop for the day's trading? Yowza its boring, but we have Big Ben keeping us on our toes.
Philly Fed was weaker than expected and markets sold off a bit on the news.
They are mixed with the DJIA +19, NAZ +3 and SPX FLAT.
Winning sectors, homies, airlines, reits, biotech, small cap growth, internets and some tech. The losers- oil service, oils, utilities, trannies, software, drugs and large cap value.
Market internals remain failry flat with +260 on the NYSE and -200 on the NAZ.
The NDX and OEX have 45 winners each while the SPX has is about flat with 255 winners.
The DJIA also has about half its components green with CAT AA UTX WMT and BA doing the best with DIS GE JPM XOM IBM and HON trailing.
Volatility indexes haven't budged and the bank/brokers sectors are about as flat as they get.
Key stocks are mixed with ICE BOT CME MS IAI KLAC green and GS GOOG AAPL MA NYX BOT and MER red.
Bottom line, look for the chop to continue.
posted by DAVID at
12:24 PM
2 Comments:
Gotta work off the new high. Two strong days up in a row is a profit-taking signal for the 2-day RSI trade in my opinion, so I booked it at the open today.
Nice Trade- Buying pullbacks the way to go - Not buying new highs- IMVHO- and I too am taking some off
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