Equities continue to trade around the flat line with the NAZ and tech leading while metals, energy and financials lag.
NYSE- 270 net green;
NAZ- flat internals;
NDX- 55 GREEN;
TRIN- 1.31- with up and down volume about even;
VIX- up 1.5% at 21.45 and about 3% under the SMA 10.
Gold is slightly lower for the first time in quite a while,
Equities were higher this morning before the worse than expected ISM services number was printed- A move higher later in the day is probably in the cards as the bears just can't seem to do much to get this market lower.
RSI 2 levels are overbought as most major indexes trade at levels over 70-
Equities are generally lower half way through the trading day - but lots of cross currents- kind of surprising that we are lower as the internals are green on the NYSE/NAZ/SPX - problem - the dollar which is up .35% -
Strongest sectors- small caps, airlines, metals, reits, internets and semis while energy, gaming, brokers and large caps lag.
NYSE- 600 net winners;
NAZ- 400 net winners;
SPX- 270 green;
NDX- 53 green;
DJIA 10 green;
TRIN- 1.41 with up volume slightly better than down.
VIX- down 1% at 21.7 and about 2% below the SMA 10.
WINNERS- AA MET AMZN WY MON AEP STX LRCX WCRX STLD FAST GRMN;
LOSERS- JOYG PCAR ATVI SPLS RYAAY WAG MS WFC BAC DVN UNH BHI;
RSI 2 levels as follows:
Market internals not giving much indication today as they have been dead wrong about direction- and the false break out above 1115 on the SPX also provided a good short/sell area for many traders.
The dollar is probably still key and 75 still seems like big resistance for now.
Equity markets are higher but well off their best levels as the financials lag.
SPX +8, NAZ +20 and the DJIA +75.
Strongest sectors- metals, gaming, emerging markets, semis, homies and trannies while nat gas, junk, banks, internets and brokers lag.
NYSE -1700 net winners;
NAZ- 1100 net winners;
SPX - 430/65
NDX 90 GREEN;
TRIN- .72 - up volume about 6x the down;
VIX- down about 7% at 22.9 and still above the SMA 10.
The dollar is down about .6% and not sure where support is - it was 75 which is now resistance/
GOLD up at $1195 and just fed some DGP ducks - and will hopefully buy back lower.
Financials are definitely lagging and that could be signalling a sell off later today- in the mean time I am sticking with EWA EEM EWZ and TECH- I suspect buyers will come in later and the fins will join the party as beginning of December is probably a good time for equities.
Gartman with some under the radar issues.
Equity appetite waning?
Markets are lower this morning and the snap back rally anticipated by most traders is taking a bit longer to develop.
SPX -3.5, NAZ -14 and the DJIA -30.
Strongest sectors- Australia, banks, airlines, brokers and reits while nat gas, Latin America, retail, gaming and small caps lag.
NYSE- 800 net losers;
NAZ- 1100 net losers;
SPX - 139/360;
NDX- 12 GREEN;
TRIN- .89 with down volume about 1.5 the up- seems a bit skewed by BAC C FRE and FNM.
VIX- +3% at 25.45 and about 14% above the SMA 10.
The dollar is moving on up again but may run into some nice resistance at the 75 level.
RSI 2 levels as follows:
So definitely some buy signals in the short term from the VIX and the RSI 2 levels - problem is probably not a lot of folks expecting a big selloff and that is what we may get- I added to GDX DGP EWA on Friday and if we continue to go lower I will buy more for TT