1.16.2009

THE OPEN


Markets are up as the over sold rally continues led by metals, semis and ags. The DJIA +95, NAZ +18 and SPX +11.


Weak sectors include junk, oils, financials, shipping and biotech.


NYSE- 1675 net winners;

NAZ- 735 net winners;

NDX -70 GREEN;

OEX- 80 GREEN;


VIX- down 9% at/near 46.3;


Up volume about 4X the down;


Not ready to add to positions this morning as this looks to be setting up as a nice fade- and the banks index - trading red again -led down by WFC BAC and JPM.


Ben Lichtenstein of tradersaudio.com with a pretty shocking forecast on Squawk this AM- he is looking for DJIA 12K sometime in March- I suspect we get a nice violent rally - but that seems a bit much IMVHO.

2 Comments:

Blogger rick said...

Ben has been pretty good, actually. He was very negative in early fall.

10:53 AM  
Blogger DAVID said...

YES He was- I think he is terrific - but this prediction is a bit much.

11:22 AM  

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