Markets closed the day in the middle of the range and I will officially call it - a choppy day - although Dougie Kass seems to think he has been saved for another day with his Monday bottoma call.
NYSE- 800 net losers;
NAZ- flat internals;
NDX/OEX - about 50 green on each;
VIX- down 1.5% at 49.33- and trading near the 10 day SMA;
TRIN- .67 with down volume slightly beating the down;
Nice rally into the close which was probably lots of shorts covering for the big weekend announcements- not sure what folks are expecting but something -
RSI (2) levels near 25 on most major indexes.
Toasted GE from Clusterstock;
VIX +MORE on the VIX;
Its all about the daytrading for now - hopefully it changes soon- but for now happy daytrading to all.
Markets in chop mode as the early strength was sold and the now the weakness is being bought as the SPX is down 1 point and the NAZ -14 after being much lower.
Strong sectors- energy, metals, utils and bio tech while gaming, real estate, brokers and semis lag.
NYSE- 675 net losers;
NAZ- 150 net losers;
OEX - 45 GREEN;
NDX- 33 GREEN;
VIX- flat at 50.3;
TRIN- .65 with up and down volume about even;
Great charts on the unemployment numbers;
GM on the Brink;
Latest from the auction block;
More gov borrowing;
Going to stick with choppy trading for the balance of the day and looking to be involved with SMN SRS SSO QID DDM.
Markets open way up but have closed about half the gap and the NDX is red and the NQ futs down about 13 while the SPX is +6.
Strong sectors- energy, banks and utils while gaming, real estate and internets lag.
NYSE- 600 net green;
NAZ- 680 net green;
NDX- 60 GREEN;
OEX- 70 GREEN;
VIX -down 2% at 49.2;
TRIN- .49 with up volume about 3X the down;
Looks like choppy trade from these levels as the early very green internals have flopped to barely green on NYSE/NAZ. Places to trade SRS TWM DDM SMN.
The numbers are:
Unemployment rate for Feb- 8.1%;
Non Farm Payrolls - -651,000;
AVG Weekly hours worked - 33.3 hours;
The economy has lost about 4.4 million jobs since the recession began in 2007 and about 2.6 million jobs in the last 4 months.
Interesting comments from Peter Yaz this morning on Squawk Box - something to the effect of - the industrial revolution began with the cotton gin or steam engine or something like that and ended at the Beijing Olympics- he was bearish and he has been right as he loves to gloat.
Futures up a bit on the not worse than expected news.
Markets closed near the lows as selling accelerated into the afternoon. One good comment from a CNBC guest- noted how shorting is an easy way to make money. Hmmmmm. That was picked up by a number of twitterers.
NYSE- 2650 net losers;
NAZ- 1920 net losers;
VIX - higher by 6% at 50.5 and about 5% above the SMA 5;
TRIN - 1.19- no so horrible in light of the market crushing.
Gold - UP $28 at $935;
Crude- down $1.8 at 43.65.
Just wonder how this ends as day traders etc coining lots of money from the FAZ SKF SRS etc- I suspect not well.
Some good trades today in SRS and SMN but should have made more as I should have known the close would be ugly. Tomorrow another day and its all about the day trading.
UGLY IS UGLY
The ugliness continues as the markets are trading near their lows again after a very brief try at a rally. SPX -27, NAZ -42 and DJIA - well who cares.
Strong sectors- metals, semis, telecom and drugs while banks, energy and trannies lag.
NYSE/NAZ 4,300 net losers.
Very ugly day and the folks on CNBC excited about strong sales at WMT and DLTR- yes folks buying at cheapest places possible - if a swap meet had the proper inventory WMT would also have ugly numbers.
Don't see much of a rally any time today as those internals are just ugly.
Markets open lower but are way off their worst levels as strength is found in semis and telecom and weakness in banks, trannies, energy and real estate.
NYSE- 1950 net losers;
NAZ- 990 net losers;
OEX- 15 GREEN;
NDX - 25 GREEN;
VIX- down a hair at 47.2;
TRIN- .6 with down volume 4x the up;
Gold up $3 at $910;
Suspecting a down biased choppy day and will look to play with TWM SDS DXD- and maybe some DIG longs-
Markets closed higher but well off their best levels as the SPX was at 724 at the best level and closed at 713- so lost about 1.5% from the highs.
Sector strength - shipping, energy, trannies, semis and internets while banks, gaming, gold and junk lagged.
NYSE- 1820 net winners;
NAZ- 1150 net winners;
NDX/OEX - 85 green on each;
VIX- down 7% at 47;
Up volume 2.5x the down;
Gold - $908- and probably a buy to $900;
Decent trading day with winners on DIG SRS - loser on QLD that was an ugly early stop victim.
Tomorrow - probably some shorts with SRS and SMN- although the mark to market rule may scare some folks from the short side.
RSI (2) levels at/near 55 so heading to over bought conditions short term if another rally tomorrow.
The day is set up for a close at/near the highs as the SPX is +18 and the NAZ +38.
Sector strength- shipping, energy, semis, tech and internets while gaming, banks and gold lag.
NYSE- 1770 net green;
NAZ- 1170 net green;
OEX- 85 GREEN;
NDX 90 GREEN;
VIX - down 7.5% at 47;
TRIN- 1.55 Up volume 3x the down;
Crude higher but off the best levels;
Gold - down $7 at $910 and I suspect lots of buyers near the $900 level.
Doug Kass with some pretty good company here;
And of course the odds of a depression;
Looking to buy dips in DIG QLD SSO and maybe buy SRS/TWM a hair before the close.
Market rallying but off the best levels with SPX +11 and NAZ +22.
Strong sectors- energy, semis, trannies and tech while gaming, gold, bonds and banks lag.
NYSE- 1540 net green;
NAZ- 1050 net green;
NDX- 85 GREEN;
OEX -80 GREEN;
VIX- lower by 6% at 48;
Crude 44.5 and Gold down at $910;
Volume 4/1 to the upside;
GE awful again at $6.33 - and with exposure to eastern Europe who knows where it eventually lands- other financials doing a bit better.
Looks like resistance on the ES futs at about 710 and the NDX at 1105- so lets see if we get past there- the fish looking at DIG/UYM and maybe an SRS long on a bigger upside move.
The trading day is over and not one of the big three major indexes managed to close in the green despite the early afternoon rally - that was quickly faded.
Strong sectors- metals, semis, real estate, tech and oils while homies, utils, retail and financials lagged.
NYSE- 1100 net losers;
NAZ- 760 net losers;
NDX- 40 GREEN;
OEX- 35 GREEN;
VIX - lower by 4% as the fear refuses to appear.
Odd ball day with up and down volume about equal and a TRIN reading of .55- looks like all the volume went to the winners.
RSI (2) levels way oversold as usual and now about 2 on most major indexes.-
Kass looking for rally- Quant with a bullish stat on his CBI and Barry with THIS stretched chart. Tomorrow another day and its all about the day trading for now-
Markets seem to be meandering in a choppy fashion but under the surface- not so much as market internals are very red with 1160 net red on the NYSE and 570 net red on the NAZ.
VIX- still lower at 51.55 down almost 2%;
Volume- down about 1.5x the up;
Crude up a bit at $40.35;
Gold down $13 at $914;
Tim G is speaking and rarely do the markets move higher during these moments- so maybe a bounce after he is done- markets are over sold and Dougie K. calling for a 2009 bottom now- tbd- probably choppy for the rest of the day on the major indexes.
Markets open higher but are off their best levels with notable weakness in GE -5%, despite the Immelt buy yesterday.
Strong sectors- energy, banks, gaming, drugs and tech while gold, metals, homies and junk lags.
NYSE- 530 net green;
NAZ- 650 net green;
NDX- 85 GREEN;
OEX- 80 GREEN;
VIX- down 4% at/near 50.4;
TRIN- .52- with up volume about 3x the down;
Gold down $11 at $916;
Crude up 1.7% at $40.75;
Looks to be a choppy day and will leave it at that despite the nice internals on the NDX/OEX- all eyes on GE as it sinks another 6% and that dividend not that helpful today- GS also lower - so long side probably with energy today.
Oh and Dougie did a call a bottom yesterday - not a tradeable bottom but a bottom-
THE WHOOP DEE DOO
Futures are trading higher this AM and if the SPX opened now it would trade at about 711 or 1.5% higher.
Jeff Saut on the hate mail;
Trader Mike technical analysis;
Kellner on the housing floor;
1 in 31 adults - mind boggling;
Dennis Gartman long retail short malls;
The BIG whoop dee doo at GE;
Hulbert with Capitulation watch;
Quant on the VIX;
Markets closed at the lows and should have stuck with that thought instead of the gut - well now I know for next time.
NYSE/NAZ almost 5k net losers;
NDX - 1 GREEN;
OEX- 3 GREEN;
VIX- higher by 13.5% at 52.65 and almost 10% above the SMA 10;
RSI (2) level on SPX /NDX near 5;
One fun stat- SPX about 17% below the 50 SMA - not sure I have seen that level before and wouldn't be surprised when the gap is bigger- anyhow, tomorrow another day and we will say what the bulls have at SPX 700.
Markets are way down and trading near the lows of the session- the fish is looking for some kind of bounce to short as this is a classic - "markets to close at/near the lows" day.
NYSE- 2600 net losers;
NAZ- 1800 net losers;
NDX- 3 GREEN;
OEX- 3 GREEN;
VIX- higher by 11% at 51.6;
GOLD claws back to the green at $943;
Crude - climbing back - trading at 40.38;
SPX trades at 708 and its pretty clear that 700 is the next stop - and probably an area where a lot of the shorts will cover for a temporary reprieve.
LONG SRS and looking to reload on any kind of bounce - me and the rest of stocktwits universe.
FADE DA FADE
Markets open lower and the trade was fade the faders who bought the gap lower- currently at the lows with the SPX -18 and the NAZ -24. RUT/MID acting the worst - with small caps down 2.8% and Mids down 3% +.
Strong sectors - gold, utils, internets, drugs and tech acting best while oils, shipping, banks, trannies and gaming lag.
NYSE- 2240 net losers;
NAZ- 1400 net losers;
NDX 4 GREEN;
OEX- 8 GREEN;
VIX - higher by 6% at 49.2;
TRIN- 1.4 with down volume about 12X the up;
Gold down $3 as Gartman expects lower gold as folks sell their gold to pay down their margin loans - eh;
Crude crushed at $41 leading energy shares lower;
How now- well sold my TWM at 98+ and will look for better levels to reload from the short side - tech not the place to short as fins and small caps act worst.
RSI (2) levels - 5 on most major indexes.