Markets are off thier lows- after opening limit down on the futures but I am in no rush to buy as this picture has run before many times- we rally too early in the day and back down we go.
Weakest sectors- emerging markets, gaming, oils, shipping and brokers.
NYSE- 2540 net losers;
NAZ- 1960 net losers;
NDX- 2 GREEN;
OEX- 0 GREEN;
VIX- up only 17% at 79;
Crude and gold lower;
No rush to buy this market- IMVHO- one can scale in but closing at/near the lows today would not surprise me.
And for the longer term - no reason to try and catch a/the low-
Finally, if you feel like being nostalgic- check out this video.
Blogger was down and now working so declaring victory as the DJIA closed +172 after being down 275 and up 275 earlier in the day- wacky volatility continues but the markets don't go in a straight line anywhere.
Best sectors included oils, utils, drugs and telecom while gaming, homies and metals lagged.
NYSE- 750 net losers;
NAZ- 1200 net losers;
NDX- 35 GREEN;
OEX- 66 GREEN;
VIX- off the highs 79.4 and closed down at 68;
Heavier volume with up and down close to even.
Pretty big ramp off the lows and interesting it was the DJIA/SPX leading- as the RUT continues to be awful with the NAZ - which did climb about 70 points off the lows.
Tomorrow - my guess is we continue higher but the markets will do what ever without me as I take a health day.
Looks like that rally in equities happened a bit early and gave the trend traders a nice entry to short the markets. And not how ugly the RUT trades!!! Seems to be on a direct flight to zero.
Strong sectors include telecom, utils and drugs while gaming, homies, real estate and retail bring up the rear.
NYSE- 1220 net losers;
NAZ- 1325 net losers;
NDX- 10 GREEN;
OEX- 30 GREEN;
DJIA - 7 GREEN;
VIX- flat at 69;
Down volume about 4X the up;
My guess for now is we bounce around the flat line and probably close higher as the bulls probably give it one more go.
Markets are lower but bouncing around and I suspect an up day as the recent sell off has gotten a bit ahead of itself even for this brutal market.
Strong sectors- utils, oi service, drugs, metals and telecoms while gaming, internets, retail and homies lag.
NYSE- 700 net losers;
NAZ- 600 net losers;
NDX- 30 GREEN;
VIX- flat near 71;
Advancing and declining volume about flat;
Driving home I was listening to some Obama socialist drivel by some right wing nut job - to set the record straight on tax rates and where they have been:
Under the Socialist Richard M. Nixon - the top rate on dividend and interest income was 70% and on "earned income" such as salary it was 50%.
For most of Socialist Ronald Reagan's Presidency, - the top rate was 50% and came down to 38.5% toward the end of his administration- but with the lowered rates came fewer deductions and non deductible losses from real estate operations and other "tax shelters".
Bill Clinton had a top rate of 39.6% for most of his boom years while for 2008 the top rate under dubya is 35% for folks making more than $358,000-
So if you want/need to call Obama a socialist you better lump him in with Reagan and Nixon.
Markets closed off their worst levels but down 511 on the DJIA and -58 on the SPX- so another ugly Wednesday.
Best sectors and red included internets, tech, defense and biotech while oils, metaks, ags and shipping were the worst.
NYSE- 2200 net losers;
NAZ- 2050 net losers;
NDX- 9 GREEN;
OEX- 5 GREEN;
VIX- higher by 31% at/near 70;
Light volume with down about 30X the up;
RSI (2) levels 15/20 on major indexes and a short term rally probably going to happen pretty soon- next day or so- shorts generally off the table for now and will see what tomorrow morning brings.
Market getting pummeled - and for all those who shorted the various pullups - congrats as that has continuously been the trade on down days- and I just closed out my DXD - and will wait for another pull up to short.
NYSE- 2100 net losers;
NAZ- 1700 net losers;
NDX/OEX- 15 GREEN;
VIX- higher by 17%- at 62;
Simply waiting for another opportunity to put it out- seems like the big selloff is happening a bit early.
Hard to believe Ned Riley is bullish- wasn't he bullish every other time he was on CNBC- and why doesn't CNBC run video clips of prior appearances- probably because few would approve or show up for such truth telling. Someone please tell me the value of his opinions?
Anyhow, on the news front- the second string QB looks like she has come through as expected- negative ratings are higher then her positives and 55% feel she is not qualified to be President- my question - what are the other 45% thinking? And why don't all hockey moms shop at Neiman and Saks?
When one has a bad answer- blame it on the guy who asks the questions- not the person who gives the answers.
Barry with some Dividend news.
The latest Videos from Roubini.
Another day in paradise as the markets trade way down with the SPX down about 4% and the NAZ acting the best - only down 2.5% after being down about 5% yesterday- so we are running out of index to trade.
Sectors- best of the bad include internets, semis, trannies and tech while metals, oils, ags, telecom and emerging markets are the worst.
NYSE- 2180 net losers;
NAZ- 1410 net losers;
NDX- 5 GREEN;
OEX- 5 GREEN;
DJIA ZERO GREEN;
VIX- up 24% at 66;
A strategy for the day- short the pullups (scale in) and there will be upticks- and assume the markets will close at/near the lows- its been a winning trade on just about any down day.
Another day and another close at/near the lows as the rallies off the lows in the morning and afternoon seemed to have fooled lots of bulls.
Market internals never confirmed either rally and sector strength was no where to be found.
RSI (2) levels not near any buy areas with SPX/DJIA at/near the 45 level while the NAZ/NDX far worse at 25.
VIX only a tad higher despite the big sell off at 56.65.
Light volume yet again at 1.1B shares with red volume about 5X the green.
Maybe we get some support and buyers at the DJIA 9,000 area tomorrow- also a bit lower is the 50% retrace on the SPX from the recent highs.
Markets have moved back down after an initial rally from the lower open.
All sectors I watch have moved to red with metals, emerging markets and energy the laggards.
NYSE- 1500 net losers;
NAZ- 1300 net losers;
OEX- 15 GREEN;
NDX- 5 GREEN;
VIX- higher by 6% at/near 56.25;
Another light volume day with down volume about 4X the up;
Looks like another miserable day for the longs and don't be surprised if any rally is met with supply and the market closes near the lows.
Markets open lower on the heels of some weaker earnings released after the close yesterday. the DJIA -85, NAZ 24 and SPX 12.
Strong sectors- gaming, retail, brokers, trannies and banks while metals, oils, emerging markets, tech and ags lag.
NYSE- 1325 net losers;
NAZ- 660 net losers;
NDX- 15 GREEN;
OEX- 29 GREEN;
VIX- up a bit at 54.6;
Down volume about 2X up;
Looks like the down opening is being bought and that is very good news for the bulls - as up on bad earnings news is a good sign.
Notably in the green - and a rare sight GE- +2% in early trading-
Other winners include CBS MMM MS FWLT and WYNN;
Losers- TXN OXY C AVP YHOO ERTS DD HPQ;
Markets closed near the highs with the DJIA + 410 NAZ +55 and SPX +45.
Stong sectors- oils, metals, ags, shipping and homies while gaming, banks, real estate and retail lagged.
NYSE- 2000 net winners;
NAZ- 1250 net winners;
VIX- down 20% at/near 55;
Very light volume one fly in the ointment with Up vol beating down about 6/1;
WINNERS- OXY CVX SLB CNQ BHP NOV S AES EP HAL STLD JNPR XOM MRK DIS;
LOSERS- WYN SNDK RIMM SHLD XRAY LAMR MRVL YHOO MA TGT RF;
RSI (2) levels on major indexes 75 to 80;
Iowa markets not giving McCain much of a chance- 13%;
Cramer in the NYTIMES;
Infectious Greed on the new bulls- Grantham, Kass, Ritholtz, Hussman and Toddo;
So how long before all those folks who sold/redeemed over the last few weeks decide to get back in- probably soon.
Credit markets starting to unfreeze - not much of a shock-
Not anxsious to short - think this rally has further to go - probably back to the SPX 1040 level.
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;
Markets have opened higher with the DJIA +135, NAZ +20 and SPX +17.
Strong sectors include, energy, shipping, ags and emerging markets while reits, internets, real estate and biotech lag.
NYSE- 1800 net green;
NAZ- 1250 net green;
NDX- 85 GREEN;
OEX- 90 GREEN;
VIX- down 8% at near 65;
Up volume about 7x the down;
Gold and Crude moving up while natty gas goes back above the $7 area;
Markets are looking bullish and we may be back to buying the dips - although that extreme volatility may be back this afternoon. Also the RUT is outperforming followed by the ES as oils are very strong while BKX index is red-
Barry on the week that was;
BESPOKE on LIBOR;
Tickersense on new emerging leaders;