Markets are choppy and sloppy as the dollar trys to break the down side run while gold has moved back down under the $1050 level.
Market internals improving throughout the day as they now show as follows:
NYSE - 560 net losers;
NAZ- 800 net losers;
NDX- 32 GREEN;
SPX- 232 GREEN;
OEX- 50 GREEN;
So probably just more of the same - slop and chop-
ZH on the DJIA and 10K then and now;
The call of a lifetime- well maybe not so much;
Nate defending RUSH- probably wants to kick him around in the future;
Markets a little lower this morning - but hardly seems like it wants to implode on the C/GS earnings numbers.
SPX -3, NAZ -8.5 and DJIA -23.
Strongest sectors- nat gas, retail, biotech, drugs and consumers while gaming, brokers, semis and metals lag.
NYSE- 965 net red;
NAZ- 1050 net red;
NDX- 21 GREEN;
SPX- 171 GREEN;
VIX- down 1% at 22.65 and 7.5% below the SMA 10.
TRIN- 1.27 with down volume 2.5x the up.
Looking to buy some RGLD on this pullback and suspecting the major indexes may sell off a bit more as the internals are far worse than the actual indexes - so just a heads up. And so much for nat gas as the price gets crushed on the inventory numbers.
Markets are trading higher but off their best levels with the SPX +10, NAZ +19 and the DJIA +83.
Strongest sectors- gaming, brokers, trannies, reits and airlines- laggards- metals, junk, consumers and drugs.
NYSE- 1330 net green;
NAZ- 1000 net green;
NDX- 80 GREEN;
SPX- 395 GREEN;
VIX- 22.65 down 1.5% and about 90% of the SMA 10;
TRIN- .58 - up volume 5x the down;
Markets way overbought but looking for higher prices before the close- long SSO at 36.09- and looking to buy more lower.
Markets closed mixed with the NAZ higher by 1 and the SPX down 3-
Strongest sectors- metals, homies, ags, internets, retail and airlines while consumer, real estate, biotech and brokers lagged.
NYSE- 500 net losers;
NAZ- 300 net losers;
NDX- 49 GREEN;
SPX- 190 GREEN;
VIX- flat at 22.9;
TRIN- 1- down volume about 1.5x the up;
BESPOKE with an interesting chart;
More on high yield bonds;
Hussman with his warnings;
A blah day as the market churned most of the trading session- the key take from my perspective - the bears could not take it down in spite of the over bought conditions and the high red tick readings this morning and yesterday afternoon- generally if they can't bring it down it goes up.
Markets open lower as the selling from early yesterday afternoon continues now- SPX -8, NAZ -6 and DJIA -46.
Sector strength - ags, homies, metals and retail while gaming, real estate, airlines, banks and brokers lag.
NYSE- 1460 net losers;
NAZ- 760 net losers;
SPX- 88 GREEN;
NDX- 28 GREEN;
VIX- up 3.5% at 23.8;
TRIN- .96 and down volume about 3x the up- AIG C green FRE FNM BAC red;
Dollar now flattish on the morning while gold is down a hair after being up $10 earlier.
RSI 2 levels:
Nice support on SPY near 106.75 or 35 on SSO - so looking to buy back from yesterdays sells- I suspect this sell down will be limited and folks will look to buy the dip as the year starts to get nearer the end and performance anxiety hits -
Markets managed to recover a bit of the afternoon sell down but well off their best levels. The SPX +4.7, NAZ flat and the DJIA +21.
Strongest sectors- ags, semis, energy, emerging markets and trannies- laggards include gaming, brokers, homies, metals, metals and defense.
NYSE- 275 net green;
NAZ- flat inernals;
SPX- 305 GREEN;
NDX - 53 GREEN;
TRIN- .58 up volume double the down volume;
RSI 2 on the SPX still way overbought near the 97 level-
Markets also found resistance at the 9/23 top near the 1080 level- so if we can get past - that 1080 level will become nice support - we will see
Markets pretty quiet so far with the SPX +7, NAZ +9 and the DJIA +43.
Sector strength - semis, gaming, energy and trannies with brokers and real estate lagging.
NYSE- 790 net green;
NAZ- 450 net green;
NDX- 67 GREEN;
SPX- 360 GREEN;
VIX- slightly lower at 22.9;
TRIN- .46 with up volume about 4x the down;
Still looking for a move higher this afternoon and looking to add to SSO for a quick flip-
In the news:
Great stuff from BESPOKE;
The Cubs finances similar to the cubs play on the field;
The truth finally out on fox;
The LENO factor;
More on the dollar;
Markets off and running again as the SPX is +8 and testing the recent highs, DJIA +59 and NAZ +16.
Strongest sectors- gaming, energy, ags, semis, Brazil, metals and emerging markets while bonds, brokers, real estate and banks lag.
NYSE- 1050 net winners;
NAZ- 700 net winners;
NDX- 84 GREEN;
SPX- 395 GREEN;
TRIN .55 with up volume 4x the down;
Setting up as a buy the dip day as I suspect the bulls and the PM's will not let this market fall very far - going to be pretty easy in light of the holiday-
Flys on the wall include real estate and financials which are trading flattish- if they begin to rollover the rest of the market probably will follow.
Futures are trading higher to start the evening as follows:
Gold up a bit while the dollar is slightly lower and crude at $72.5.
Sad to see Patriots lose today - very sad.
Barron's a little silly this weekend with no less than four stories on the auto industry- Not sure many folks have ever found that sector to be a great area to invest-
Anyhow, Dave Rosenberg the subject of Abelson and his sarcasm:
Here is how he ended Monday's column-
"In a recent report on valuation, David Rosenberg, of Gluskin Sheff, notes that on an operating ("scrubbed") basis the price/earnings ratio of the Standard & Poor's 500 has expanded a whopping 10 points since its March low, and stands at 27.6. Historically, Dave observes, when the economy is making the switch from contraction to expansion, as it did in the third quarter, the P/E is 15.
Trailing earnings are untouched by clairvoyance, in contrast to forward earnings, which depend heavily on projecting the future. But such estimates have their drawbacks, particularly since Wall Street forecasters are a cheerful lot predisposed toward upbeat prognostication.
A year ago, equities were trading at a modest 12 times forward estimates. In fact, as Dave puts it, with perfect hindsight, the market at the time was really trading at 30 times forward earnings.
Currently, Dave reckons, the S&P 500 is priced for $83 in operating earnings, or double the most recent four-quarter trend, and normally it takes five years for profits to double from a recessionary low. Such a feat would be more than a little impressive, since revenues, for the first time ever, have registered four quarters in a row of double-digit decline.
Given the going estimates for operating earnings of $48 a share this year, $53 next year, $63 in 2011 and $81 for 2012, he concludes that "the market is basically discounting an earnings stream that even the consensus does not see for another two to three years." In Dave's book, stocks remain more than fully priced."