Don't know if that was short covering/window dressing or buying in the energy complex - but they sure were the place to be today- hopefully folks wont be saying the easy trade was oil at $125 for the ramp back to $145- but could be.

Anyhow, markets closed near the highs after giving a few fakeouts- stong sectors were energy, steel, ags, brokers and banks while real estate, internets, retail and biotech lagged.

Market internals were solid on the NYSE at +100 but near flat on the NAZ which lagged all day;

VIX- 21.2 and down about 4%;

Going out on a limb declaring I have no idea about tomorrow's trade- they wont mark em up again but the interesting trade will be energy - maybe some follow through.


Anonymous Anonymous said...

I'm not sure if you notice, tech has been lagging badly and XLF was dropping since the open and at the end, SPX pop but XLF never able to pop HOD... this buying sure look like an empty suit... The important tech and financial wasn't impressive at all today...

5:44 PM  

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