8.31.2009

MORNING MELT


Markets open very ugly on the heels of the big down day in China- the SPX -13, NAZ -29 and the DJIA -98.


Strongest sectors- bonds, junk, drugs and biotech while gaming, energy, oil service, emerging markets and semis lag.


NYSE- 2000 net losers.

NAZ- 1400 net losers.

NDX- 4 GREEN;

SPX 26 GREEN;


VIX- up 9% at 26.95.


TRIN- 2.69 with down volume about 20x the up.


RSI 2- at/near 10 on most major indexes and that is typically a signal to start scaling long in bull markets- and a bull market generally defined buy the slope of the major moving averages- all to the North.


So this fish is going to be scaling in to some longer term swing trades as the probabilities are with the longs for now-


What is actually surprising is that the dollar has barely moved- an expectation of a move higher - not happening.


Doug Kass with his top call.


Bove on the hysteria.


Is this a deep pocket for Madoff scandal.


Donald Duck buying THOR.


Finally, some late night battles.


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