The move out of commodities and into US equities continues as the dollar moves on up while the EURO hits about 1.50 down from nearly 1.6 a short time ago.

The DJIA +240, NAZ +46 and SPX +22- The RUT the best of the big indexes -higher by 2.4%.

Strong sectors - the usual suspects- retail, gaming, homies, trannies and brokers while laggards include metals, oils, steel, ags and emerging markets.

Almost 2,500 net gainers between the NYSE/NAZ;

NDX/OEX- about 165 green out of 200;

VIX- diving about 4.6% and heading to the 20 level;

Up volume 2.5X down;

Looks like a dip buying day as folks seem to think the move in commodities is over and the move into U.S. Equites is just beginning- not sure as more lousy new probably coming- only question is the reaction to the news.


Anonymous Anonymous said...

With the surge today, why is it that we still have more new low then new high? Or is this report wrong? All three exchange the same, new low outpace new high.


2:26 PM  
Blogger tamworth said...

David, from what level are you expecting the drive to much lower lows (sub 1100?) ...in this alleged bear market to begin...??

3:41 PM  
Blogger DAVID said...

New Lows a hair better than new highs at 43/64 on NYSE and 58/73 on NAZ- keep in mind we are only 100 points off the lows of 1200 and 375 points off the highs of 1575- and MR TAMWORTH- keep in mind that the SPX was 1290 on 7/23 and subsequently sunk to 1234a few days later- straight up I doubt- could an appreciating dollar change a lot -YES

3:45 PM  
Blogger tamworth said...


I didn't say "straight up"..but you were saying lower lows (break of 1200)...

I'm saying unless Israel bombs Iran..it won't happen...

Not anytime soon anyway.

Thanks for your blog.

5:00 PM  

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