10.13.2008

THE CLOSE


Markets closed out their best day in about 75 years at/near the highs of the day which is pretty typical for a trend day. The SPX +104, DJIA +936 and the NAZ +195.


Strongest sectors- emerging markets, oils, brokers, shipping and ags while the laggards were banks, real estate and homies.


NYSE- 2865 net green;

NAZ- 2150 net green;

NDX- 99 GREEN;

OEX- 98 GREEN;


VIX- down 21% at/near 55;


Up volume almost 20x the down;


SPX moved back over 1,000 and my near term target has been met. Not going to make a big short bet tomorrow but will probably slowly sell my ETF longs. Didn't expect that today. And hiow many folks got scared out of stocks last week?


Funky action in GE and SHLD which both finished red- the action in GE is bizarre and one needs to keep it on the screens - is it possible that it could be another financial problem? Let us hope not.

3 Comments:

Anonymous Anonymous said...

David - GE surprised me too until I realized that it was basically unchanged last week while every other stock was murdered.

Eric K

4:51 PM  
Blogger DAVID said...

Yes- It ramped early on Friday - but should have something today?

4:54 PM  
Anonymous Anonymous said...

Actually, it ramped early on Friday and then gave it all back before re-ramping late into the close. So 14% late on Friday and nothing today......still well ahead of the market over those two days.

Eric K

7:23 PM  

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