Markets have opened lower and its as if yesterday didn't happen- just like I said - failure at the 825 area- a day late but not a dollar short. Anyhow SPX -15.5, NAZ -32 as both are down about 2%.

Strongest areas- junk bonds, biotech, drugs, ags and utils while real estate, shipping, energy and tech lags.

NYSE- 1700 net losers;

NAZ- 1225 net losers;



VIX- higher by 3% at 41.6 and it continues to be almost stationary regardless of the markets action;

TRIN- 1.92 with Down volume about 9x the up;

Gold - down $8 at $925;

Crude down $2.5 at about $52;

Ten year Note still hanging at about 2.7%;

Looks like a day that will be a slow grind lower - and the fish is short SRS SDS and SKF I guess the S trifecta from the short side- as I suspect the selling has just begun and we eventually retest the 812/810/790 area and find support again at the SMA 50.

Finally, sad to see the Dukies lose last night- but I expect Nova loses to eventual winner Pitt- although they have been struggling - but what a football team they could be.


Blogger Rick Sommer said...

Am thinking you are LONG these ETF's?

10:48 AM  
Blogger tamworth said...

David, actually, it was during that time period when Barney and the dems loosened the requirements for the mortages...and Bush went on record against it.


So, seriously, are you saying government control of the free markets is the way to go? Seriously. What is your take? I'm interested...I'm always confused when someone wants to get rid of the free markets..and if they want them "regulated"....then who determines how to regulate them? Did that work in any of the socialist or communist countries? Did it work to create wealth at all?? I suppose it can work in hard working homogeneous countries such as some of the Norwegian countries where the population is hard-working, and not as diverse as America. What's your take?

1:22 PM  
Blogger DAVID said...

Tamworth- I don't get it - Congress both House and Senate were controlled by the repubs during this time - its like telling me John Boehner/Eric Kantor and Mitch M are making the deals now with Obama?

5:25 PM  

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