THE OPEN
Markets are way lower with the RUT/NAZ leading the way.
Strong sectors include telecom, drugs, banks and biotech while oils, ags, gaming, metals and emerging markets lag.
NYSE- 1640 net losers;
NAZ- 900 net losers;
NDX- 5 GREEN;
OEX- 20 GREEN;
VIX- higher by 7% at 42.5;
Down volume 4X the up;
EURO- 1.38;
GOLD- 857;
CRUDE- $96;
Read somewhere that we are seeing massive selling by the public and all the technicals /sentiment are meaningless - probably true and the places to short on pullups are the NAZ/RUT and the places to buy on the dips are financials UYG /XLF.
Morning links:
Roger's thoughts;
More Sarah;
Conners trading;
posted by DAVID at
10:13 AM
1 Comments:
It amazes me that CNBC keeps spouting about the House passing a vote on the Bailout Bill Friday morning. According to Stenny Hoyer, the Bill wont even come on the floor unless they KNOW they have the votes to pass it. Personally, I wouldn't hold my breath. And despite the vote of confidence from Warren Buffet on GE, I still want Joe Kernen as my lawn dwarf. I might have to wait a little while though.
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