wacky markets

There it was, a wacky day in a wacky week in a wacky month- anyhow, DJIA +262, NAZ +48 and the SPX +31. And value stocks the big winners on the day +3%- financials probably;

Strongest sectors- brokers+8%, banks+7.5%, homies +5.5%, retail +5% and real estate +4%- losers metals, gold, ags, oil service.

NYSE/NAZ 2500 net gainers;

VIX down 11% in front of the long weekend;

Up volume 3X Down volume on a massive 2.7 B shares traded on expiration Thursday;

The brokers had a day for the ages as LEH was +15%, MS +14%, MER +13% and GS lagged +8% and almost back to the $180 level. Note for next week, SMA 50 on GS and the 38.2 FIB both at /near 181. Clearing that area and breaking the down trend will be very very bullish for the markets because as goes GS so probably goes the markets.

SPX again putting 1315 in the rear view mirror as the Costanza markets continue to confuse and confound most watchers. It would be nice if the bottom was indeed in but but but.....

Gold was down about $90 but many longer term bulls remain.

And was this the guy who started the big rally?

Another look at recent volatility.


Blogger larry said...


Commodities are also vulnerable to the same worries affecting the rest of Wall Street, where on Wednesday the Dow Jones industrial average plunged almost 300 points, erasing more than two-thirds of Tuesday’s steep gains.

Moreover, the biggest speculators and lenders in the commodities markets are some of the same giant hedge funds, commercial banks and brokerage houses that are caught in the stormy weather of the equity, housing and credit markets.

As in those markets, an evaporation of credit could force some large investors — especially hedge funds speculating with lots of borrowed money — to sell off their holdings, creating price swings that could affect a host of marketplace prices and wipe out small investors in just a few moments of trading.

8:05 PM  

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