12.23.2008

THE CLOSE


Markets closed lower and since we closed above SPX 910 on on December 16, its been straight down.


Markets are oversold in the short term and I don't expect much tomorrow and Friday- more choppy action.


Strong sectors today included metals, ags, junk bonds and energy while semis, financials, banks and homies lagged.


Market internals weren't horrible but did flip big from green to red early in the day.


VIX- flat at 45 and are folks noticing the markets and the VOL indexes are going south together?


WINNER- AA GE MRK MSFT WYNN AMZN HANS INFY BIDU STLD BMY MRK BK UNH PEP;


LOSERS- F BAC WY COV AVP SNDK LVLT DISH EBAY XLNX GM C IBM INTC KFT CAT;


Lots of folks blaming the southerly move in the markets to GM/F - well they got $14/15 B and GM is burning $3B a month - what is the expected out come - besides more and bigger government loans!!!

1 Comments:

Blogger gail said...

Good one!

5:39 PM  

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