Markets continue to trade higher although off their highs and led by, yes, SMALL CAPS. The RUT is +1.35% while the SPX +.8% and the OEX is +.83%.
Strongest sectors include gaming, semis, utilities, real estate, reits, oils, biotech and defense; lagging is software and airlines.
Best performers- NVDA INTC EXPE BRCM MICC SLG BAM DEL AIB MA GS ICE CME NMX GOOG MRK SGP SYK BYD MGM ACH GME CPA CRDN ATHR TBSI and GTI.
Worst perfomers- HURN CLRK FCSX ATN CPLA EML CL LTD T CCU BA ADBE CDNS SEPR BLTYA ADSK GENZ and INTU.
Market internals remain very strong with 3,100 net winners between NYSE/NAZ while the NDX is 4/1 green and OEX 9/1 green.
Volatility indexes- VIX down 4% and VXO down 7.5%. VIX is 11% below 10 day SMA and the VXO about 13% below the 10 day SMA.
Markets are over bought and vol indexes are flashing sell signals as they rarely get stretched more than 10% below the 10 day; I am anticipating an afternoon ramp and will be looking to unload inventory.
Markets are higher on the heels of lower inflation numbers and a take out in the gaming industry.
Strong sectors include gaming, semis, biotech, homies, utilities, trannies oils and small caps; eh none that I follow.
Strongest stocks include PENN MGM EXPE INTC NVDA MICC IACI SPLS CELG GM EMC ACH GME TEX ICE MICC RDY TSO TWIN and NSM.
Lower stocks include FCSX HDNG CPLA ATN CLRK LTD NDAQ SNDK AMZN SHLD PG and CVC.
Market internals very very strong again with a net of 3,300 winners on the NYSE/NAZ.
Better yet, the OEX with 96 up and 4 down while the NDX is 80/20 up to down.
Volatility indexes lower by about 6% and shouting SELL as they trade at/near 10% below their respective SMA's.
The 2 day RSI's on the major indexes now at/near 90+.
One sign the markets may be making a short term top today, 25 of the 200 issues on the OEX/NDX trade at 2 day RSI numbers above 95 and 1 issue is below 10 (DISH).
And of course all the folks who talked about equities being in lock step and held hostage by rates- well not so much today as the 10 year still trades at /near 5.2% and the SPX/DJIA are trading near the old highs.
Stocks closed higher but flat lined after the late morning ramp. The various caps were all up about the same percentage but growth beat out value.
Strongest sectors included oils, airlines, trannies, metals, semis, tech and biotech. Lower were reits, real estate, gaming, drugs and banks.
Big winners- EK GM SLB ATVI INFY AKAM JOYG CLRK ACH SYNL BID CNH BTJ ICE ARGN PTNR HURN NOV and MTOX.
Big losers- GOOG GS CSC ADSK WYNN ESI DXPE ARO FTK SPSS TBSI GSOL AFSI and BWLD.
Market internals were strong all day and closed with 950 net green on the NYSE and 540 net green on the NAZ.
The NDX/OEX both closed with 7 up to every 3 down.
Volatility indexes, way lower as the VIX -7% and VXO -10%; both about 5% beneath their respective 10 day SMA's and in a sell zone.
Major indexes also in sell zones (trailing stops) with 2 day RSI readings at/near 80.
High 2 day RSI readings include:
Markets continue to trade higher led by oils and metals; hardly what a typical market bull would want to see (lol).
Other strong sectors include silvers, trannies, airlines, semis, biotech and small caps; lower are reits, drugs and gaming.
Big green include ATVI AMLN AKAM INFY MICC JOYG GRMN EK GM HAL SLB ATI BHI XOM COP UPS ACH CLRK CNH BID SYNL PTNR FCSX and BTJ.
Big red- ESI ARO FTK BWLD DXPE CYNO GSOL GS GOOG CSC CL MRK ADSK SYMC RYAAY WYNN and ROST.
Market internal still strong but off the best levels of the day as NYSE is +1,060 and NAZ is +700.
The OEX is 70/30 green to red while the NDX is about 80/20.
VIX/VXO way lower as they trade down 6% and 11% respectively and both about 5% below their 10 day SMA's.
Crude oil continues to trade higher and now is almost at the $68 level. I have sold some oils and sold calls against my OIH. Buy lower sell higher and now the oils are higher and in over bought territory.
Also bought some GS as that falls into the buy lower bin.
The NDX is starting to lag as it hit its highs earlier in the day and is starting to lag the other indexes.
And one stock that hasn't been mentioned in quite some time is INTC; which is now about a dime off its 52 week high. No doubt our guy Jimmy will be touting it once it goes a bit higher (currently a 2 day RSI 98).
Stocks that are overbought as I type:
And how about this for a sell signal- no stocks on the OEX/NDX are selling with 2 day RSI's below 7.
Major index 2 day RSI's in the 80 area so trail those stops and maybe even take some off the table.
Markets are higher and begin to enter over bought territory on the heels of lower rates and lower inflation.
Strong sectors include silvers, metals, oils, wheat, corn, biotech, trannies, small caps and semis while drugs, reits and airlines lag.
Strong stocks include AMLN INFY AKAM PTEN MXIM EK HAL ATI SLB BHI ACH CLRK CNH BID FCSX and PTNR.
Weak stocks- GS ESI GSOL RRST CSC RF S CL USB SYMC ADSK LAMR WYNN UAUA QCOM GOOG and CROX.
Market internals are very strong again with the NYSE at +1,400 and the NAZ at +980.
The NDX with 85 winners while the OEX has 75 in the green.
Volatility indexes lower by about 5% and trading at about 5% above their respective 10 day SMA's.
Many of the oil stocks are now entering over bought territory and are showing high 2 day RSI numbers:
The major indexes also sitting with 2 day RSI numbers at/near 80.
Markets closed at their highs with the internals on the NDX/OEX giving the tell that higher prices were coming despite the mid day pull back.
The NDX closed with 87 winners and the OEX better yet with 96 issues in the green. The NYSE/NAZ number was +3,200 and also way green all day.
Strongest sectors included oils, brokers, reits, utilities, defense, semis, financials and trannies; lower were airlines and interest rates.
Green stocks included TBSI FCSX FTK BTJ CF DXPE NOV CNH CPA SSYS CTSH JOYG AMAT ADBE AKAM PCAR WMB TXN AA MER MS GS SLB MMM LEH and HAL.
Losers included HURN PTNR HDNG GSOL AAPL NSM DIS CI ATVI LVLT LAMR DISH SEPR LVS IBN NDAQ ICE and AIB.
The large caps took the baton back from the small/mids into the final hour and now are heading to over bought territory with 2 day RSI's over 70. We know that they can and will again approach the 90 level but trailing them from here is probably a good idea as the DJIA is only 200 points from the all time high and the SPX about 25 off.
And how well has the 50 day SMA on the SPX worked as a back stop?
Markets have ramped up on the heels of good beige book news and lower interest rates; and some over sold market conditions. Notice also that the small/mid caps have taken the lead from the big caps. Could indicate we go higher from here.
Also note how the internals were strong all morning even though the major indexes almost sold down to the flat line. Opposite of yesterday when the markets crawled back to the flat line but the internals never moved higher.
Some numbers for buys or sales-
Major market indexes not near over bought territory as 2 day RSI's at/near 65;
TLT after going to a 2 day RSI of zero yesterday now up to 55;
GS up almost 2% and near an all time high with 2 day RSI at 91;
LEH up 2% and 2 day RSI 96;
NMX up 2.4% and 2 day RSI 96;
AAPL/GOOG down big since Kramer's call and now at 2 day RSI's of 5;
OIH/XLE a little below 52 week highs and 2 day RSI 75;
XTO a buck off all time high and 2 day RSI 81;
DIS at 2 day RSI of 1;
WIZARD OF WALL STREET
Markets seem to be treading water near the 1,500 level on the SPX and about 7 points above the 50 day SMA. Market internals however hold near the highs of the day so an afternoon ramp is probably on tap if the bonds don't tank.
Not sure why all the CNBC focus on crude; the price has vacillated between 63 and 67 over the last month and that range is probably due to expand but today doesn't appear to be the day.
Strongest sectors include metals, utilities, oils, semis, reits, defense and financials while airlines and drugs lag.
Big winners include FCXSX TBSI SSYS BTJ MT CTSH LEH MER MA C OIH VLO SLB BUD AA and TXN.
The losers include GOOG AAPL DIS VZ JNJ ATVI LVLT YHOO NSM RTN IBN LVS DNA PFE and AZN.
Market internals remain bullish with about 2,200 more winners than losers on the NYSE/NAZ while the NDX/OEX show over 170 winners to 30 losers; very bullish.
The VIX is down about 7% and is still way over bought near the 10% over level while the 2 day RSI on the major indexes hovers near 50.
Cramer's famous horseman are having a tough day as GOOG is lower by 5 and under the 500 level after Jimmy top ticked it near $525 last Thursday and AAPL is down another $3.5 to $117 after Jimmy topped it at $126. Since the call last Thursday, the horses are down about 4% on an equal weight basis while the XLK/QQQQ tandem is down about 1%. Almost always go with the index over Cramer's buy high picks.
Markets open higher on the heels of down ticking interest rates and over sold market conditions. Big caps are leading once again as the RUT continues in last place.
Strong sectors include utilities, metals, oils, reits, brokers and financials while airlines and drugs lag.
Key stocks generally green led by MA C JPM LEH BSC MER MS CTSH INFY GILD TXT DELL AA RIMM GOOG AMAT AMZN and KLAC.
Lower are BOT ICE NMX CELG AMGN and AAPL.
Market internals are strong with a net 1,100 gainers on the NYSE and 500 net green on the NAZ.
The OEX/NDX running at about 4/1 green to red.
The VIX is lower by about 5% but still in over bought territory indicating this rally probably has legs. Note the SPX closed yesterday at its 50 day SMA just like it did last Thursday; is that a retest of the lows?
The 10 year seems to be hanging in at the 5.24% level and if it holds steady or goes lower we could see some major upside action.
Those ugly market internals kept me out of the early afternoon bear trap as the markets flipped to green but quickly fell back as rates went back to the 5.25% area.
Just about all sectors closed in the red with the best of the bad being biotechs, brokers, tech, defense, semis, large cap growth and retail. Worst sectors were silvers, airlines, real estate, utilities, homies, trannies, samll caps and oil service.
Green stocks included GS LEH ICE NMX MA INTC AMGN IBN ADSK WNR CF DRC PCR and MTW.
Red all over the board with the worst being BTJ FCSX DXPE CPA DRYS TWIN CELG ERIC SEPR UAUA AES ATI T and LTD.
Market internals closed near where they began with about 4,000 net red stocks between the NAZ and the NYSE.
The OEX/NDX combined for about 40 out of 200 green between the 2 indexes reversing the earlier reversal (lol).
Volatility indexes up a cool 10% and trading about 15% above the 10 day SMA.
The 2 day RSI's back near the 20 level on the major indexes and maybe a down open will get us back to oversold levels and near buy levels.
The 50 day SMA is back on the radar as it sits at 1,493 on the SPX and 13,158 on the DJIA.
Bonds are way oversold and I expect a reversal shortly as the 2 day RSI on the TLT is under 1. It also appears to be all any one talks about and generally when that happens it reverses and becomes less relevant.
Markets are well off their lows but market internals are failing to confirm any big turn around. Rates are still higher but off the highs and the utility index, has recovered about half the morning losses. RUT/MID's continue to under perform the bigger caps and the "tech heavy" NDX continues to out perform led by AAPL AMAT and INTC.
Strongest sectors although lower include biotech, semis, oils, large cap value and retail; lower are airlines, real estate, metals, trannies, homies and small caps.
Green stocks include LRCX ADSK AAPL LEH MCD GS AIG MA BOT ICE NMX CROX PEP FCX WYNN and DEL.
Red stocks- BTJ DXPE DRYS SNHY VCLK LTD ATI BNI BA EXC BDK ERIC WFMI CELG UAUA GOOG SHLD and ISRG.
Market internals very weak as there are about 3,200 net red on the NYSE/NAZ.
The OEX shows about 4 down to each winner and the NDX acts best with only 2 down to each winner.
Volatility indexes higher by 5% and still in buy signal territory.
Low 2 day RSI stocks include BDK DIS VRTX TLAB XLNX PTNR VCLK CENX RRST BWLD TTEC RS SSRI and RWX.
A bearish Liz Anne Sonders on CNBC - just remember she nailed the exact low in the SPX last year.
Overall, my take is that there will again be demand for equities once rates moderate and stop going up; when- sooner rather than later now that everyone is talking about it.
Markets open lower on the heels of higher rates and lower crude. Yes, it is possible for crude to be lower and equities to be lower.
Just about all sectors are lower with the brokers acting best as GS and LEH trade higher. Worst groups include metals, real estate, homies, airlines, utilities, trannies and gaming.
I am again focusing on the utility sector and it is down over 1% as I type and another signal that is not good for the equity mkts right now IMVHO.
Green stocks besides the brokers include AAPL INTC MO ICE NMX BOT MA GILD GRMN ESRX GENZ and MCD.
Red ones include BNI TXN AES WMB ERIC IACI CELG NIHD SNHY BJT DRYS FCSX STLD AKH FTK and X.
Market internals are ugly again with a net 2,200 losers on the NYSE and 1,550 on the NAZ.
Less than 10 green stocks on each of the NDX and OEX also indicating the arrow is probably staying south for the day.
Volatility indexes up about 9% and both the VIX/VXO are trading above the 10% above the 10 day SMA level.
The 2 day RSI on the major indexes at/near 25.
Markets close mixed as the OEX/SPX big caps were the market leaders and the RUT and the NDX were the biggest losers.
Strongest sectors included oils, metals, brokers, utilities, drugs and financials; leading lower were real estate, homies, retail, trannies and airlines.
Big winners included INFY GRMN MICC CELG RIMM PCAR BUD EXC ETR SLB LEH MS MRK BHI FCSX BCSI IDSA SPSS EDU TLVT and SYNL.
Biggest losers- SRSL X DSX TBSI STLD RRST AAPL EML ATI RTN BDK IP WY AMZN VRTX UAUA and QCOM.
Market internals closed with about 400 more loser than winners on the NYSE/NAZ.
The NDX/OEX internals were better than the over all market and closed with more winners than losers.
Volatility indexes about flat.
Low 2 day RSI's include VRTX TLAB BDK and DIS.
Lousy action in the new horsemen did not help the tech heavy NAZ as AAPL (-3.5%), AMZN (-3%) and GOOG were all lower (-1%) while RIMM was higher by about 1.5%. And yes, the top tick on the AAPL chart, Thursday AM when Cramer made his prescient call.
The yield on the 10 year has been holding near the 5.135% number as utilities have been one of the strongest sectors perhaps indicating rates have put in a temporary top. Utes were the first sign of the rise in rates few weeks ago.
Markets seem to be consolidating and I expect another leg higher to the middle of the recent range near 1,520 on the SPX. However, a move back under 1,490 could lead to a big downside (50 day SMA).
Markets are trading choppy with the RUT/MID's lagging while the utilities, oils and metals lead.
Other leading sectors include brokers, drugs, biotech and large cap value while real estate, gaming, retail, airlines, defense and small cap value lag.
Green stocks include FCSX SPSS BCSI IDSA SYNL FTK EDU DWSN SLB LEH EXC ETR SLE BUD INFY GRMN MICC CELG PCAR and RIMM.
Red stocks- UAUA AMZN WYNN VRTX SHLD ATI WY SRSL X TBSI STLD DSX BW ATHR RS and ABER.
Market internals have improved with the OEX/NDX about 3/2 green to red. The NYSE/NAZ both flattish with a pinkish tint.
I will continue to watch the utilities and the 10 year Bond for clues as the utes are leading while the Bonds are hanging tough under 5.15%.
Volatility indexes down about 1%.
Revshark at realmoney.com dissing Cramer while Cramer disses the WSJ complaining they are bearish. Hmmmm.
Speaking of bearish, check out Cramer's recent ratings trends at Mad Money as folks may finally be learning.
BTW, AAPL AMZN GOOG red while RIMM is green on the horse watch.
Some interesting action this morning as the markets are mixed; the utilities, however are higher by 1% and are the sector stand out.
Brokers, oils, metals, drugs, biotechs and oils the stand out performers while real estate, homies, retail, gaming and trannies lag.
Key stocks are generally higher led by MS ICE CME NYX MA INFY DNA CELG GILD GRMN RIMM IBM and HPQ. Lower are GOOG C SLG AMGN MGM FDX UPS QCOM UAUA IP ATI and WMT.
Biggest gainers inlcude SYNL BCSI SPSS IDSA EDU DRYS TWIN MICC JNPR PTEN EXC MS GM SO and DOW.
Biggest losers- ATI EK RTN MDT GD LOGI AMZN ROST WFMI CDNS X SRSL DSX TBSI WRNC COH and SNHY.
Market internals are mixed on the NYSE/NAZ while the OEX/NDX shows a little better than 50/50 between winners and losers.
Volatility indexes basically unchanged/
I find the action in the utilities/brokers and Xchanges to be encouraging while the Midcaps/Smallcaps under perform.
The 10 year Bond seems to be hanging in under the 5.15% level and my guess is that if it stays there or goes lower, equities will go higher.
PRE MARKET THOUGHTS
Markets are set to open mixed after the big ramp up Friday afternoon. Not sure if that was in anticipation of a take over/ merger Monday or oversold conditions; my guess - both.
Barrons with a bullish article on LTD and some of the Oil E and P companies including FST NFX PXD NBL EOG and TXO.
Pimco's Bill Gross says Fed is on hold until inflation comes down; says may take 6 months or longer for Fed to cut.
Gapping up - MDVN BYBI BRNC NRMX CUP CRED INFN GERN NGSX --- Gapping down- MKTX PENN OMNI X DNDN E TOT.
The 2 day RSI numbers on the major indexes- all at/near 50.
The VIX about 7% above its 10 day SMA and the VXO higher at about 9% over.
Volume on Friday was considerably lower than on the big down Thursday but big down days tend to have higher volume than up days. Its usually dive down and drift up.
The SPX had a strong bounce at the 50 day SMA and the next target looks to be the middle of the BB or around 1,520, or another 1% higher from here. I am sure many folks will have a stop in under the 50 day as it could get ugly if that doesn't hold.