8.14.2008

THE MIDDLE CLOSE


Markets closed the day in the middle of the range as they seemed to trade inversely to crude almost tick for tick during the pit trading session-


The DJIA closed +86, NAZ +25 and SPX +7.


Also note the rejection of the SPX right at the 1300 level- despite the lower crude- and that appears to be an important level to watch.


Strong sectors- gaming, homies, banks, shipping and financials while metals, energy, utils and steel.


NYSE- 800 net winners;

NAZ- 560 net winners;


VIX- down 5% at/near 20.45;


Very light volume yet again with up about 2X the down;


Financials were yoyoing most of the day with a lack luster performance from GS- and strong action from CME ICE NDAQ NYX BAC JPM MTB USB WB WFC-


Still looking for lower prices in the short term and a test of the 1255 level on the SPX- and still out performing action in the NDX/NAZ/RUT - SPX the big under performer today - probably due to the down trending energy group.

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home