Equities have made a nice come back this morning despite the lousy news out of Citi - the SPX +9, NAZ +24 and the DJIA +75.

Strongest sectors include drugs, airlines, reits, emerging markets and small caps while nat gas, gaming, banks, metals and energy lags.

NYSE- 1235 net winners;

NAZ- 800 net winners;

SPX- 390/105 up to down;

NDX- 86/13 up to down;

VIX- down 2% while the VXX is down about 5%;

TRIN- .93 with up volume more than 2x the down;

Gold flat while crude down a bit and the dollar ripping higher again and clearly disconnected from equities for now.

Drug stocks leading the way as folks are thinking a victory in MASS will lead to the end of the health care reform bill- not so sure but that is what its saying for now-

In addition the SPX bounced off the EMA 20 on Friday and it was a pretty good entry point for a short term trade - so holding some SSO and selling some FAX as the yield is probably near the bottom of the intermediate term range.


Anonymous Anonymous said...

Hey David - If I showed you a picture of Coakley's Intrade chart and told you it was a stock would you buy it? Or would you call the rise to 36% a dead cat bounce?

12:01 PM  
Blogger DAVID said...

I think she is going to lose -

1:19 PM  

The dollar is dead.

10:20 PM  

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