MID DAY LOOK
Markets have improved from their lower opening led by the NAZ and semi stocks but the SMALL/MIDS still act poorly and the market internals on both the NYSE and the NAZ do not give me a warm fuzzy feeling that an afternoon ramp is en route.
The drug group, led by SGP AMGN and GILD remains the strongest while semis, trannies and homies also trade green. Leading lower are silver stocks, metals, gaming, oils, emerging markets, the Aussie (EWA), airlines, real estate and small caps.
Key stocks are mixed with the brokers and large cap tech higher (AAPL MSFT INTC) and the exchanges CME NYX ICE BOT NMX all lower.
The DJIA internals are mixed with HPQ MSFT JNJ GE and INTC higher while CAT MO XOM MCD HD and DD leading lower.
I dipped in and bought some EWA SSRI and MO on the morning weakness and will scale into more shares if they continue to dip.
The VIX is hardly ripping higher but it is up about 3% near the 13 level and trading a bit above its 10 day SMA.
posted by DAVID at
11:40 AM
2 Comments:
I don't understand how this market keeps hanging on and climbing higher. Companies are beating their reduced earnings guidance, apparently that is enough to bring on the buyers... The growth prospects for the economy appear to be heading lower and yet higher we go. I have to believe that we are close to the end of this rally and yet I've felt this way for awhile now, even put on some shorts, and higher and higher we go. I wouldn't be complaining so much if it weren't for the fact that I am heavy in cash and having a hard time getting back in here.
For what ever reason - their is a DEMAND for EQUITIES- retirement plans; savings- where does one put money- cash? bonds? real estate? equities?-
My guess is equites are better values than bonds and real estate is just too hard and illiquid- I think that is a lot of the answer-
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