10.20.2008

MIDDAY CHECK


Markets are hanging in and trading higher - DJIA +145, NAZ +10 and SPX +17.


Strong sectors include ags, oils, telecoms, shipping and utils while reits, real estate and gaming lags.


NYSE- 1500 net winners;

NAZ- 760 net winners;

NDX- 66 GREEN;

OEX- 80 GREEN;


WINNERS- S NOV AES EP WMB CI HAL NIHD LEAP CTSH FLEX AMAT STLD MRK CVX XOM KO T MCD;


LOSERS- MMM WMT MSFT HPQ UTX RIMM SNDK WYNN SHLD XRAY MRVL VRTX TGT EXC MA ALL HIG GOOG CBS COF;


VIX- moving down to the 62 level;


Up volume almost 4X down;


Seems like a classic buy the dip day as some of the volatility seems to have left for now- SPX/DJIA the strongest areas while DIG looks good and banks not so good;


RSI (2) levels may be worth starting to look at and most major indexes now between 60 and 70;



3 Comments:

Blogger iv said...

I disagree with you until we see 980 on S&P break...

as no divergences yet and VIX has not closed below its 10 DAY av. over the last 35 days(today 10 day is at 62)

what do you think....i think we could see 890 in a heartbeat

12:50 PM  
Blogger DAVID said...

VIX now down 17% today at 58+- not much volatility today- as the SPX has been making a pretty pretty steady climb

1:50 PM  
Blogger tamworth said...

David...let's assume a bottom is in. If it is, would you expect a retest in a few weeks...or do you think a retest won't happen....

Thanks for your opinion....

Btw, I'm attending a defined benefit national conf. In SF right now.....lots of potential changes coming!!!!

2:50 PM  

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