9.13.2010

THE CLOSE


Equities finished the day near the highs with the SPX +12 at 1122 and the NAZ +43 at 2286.


Some good news late in the day as MSFT rose on the heels of news of a debt issuance and a stock buyback or a dividend increase- the stocks was +5.74% on the day and was strong out of the gate.


NDX with 92/8 on the internals;

SPX 426/73;

RUT 1648/217;


NYSE 1414 net winners;


VIX closed at 21.21 and about 10% below the SMA 10;


RSI 2 levels on most major indexes way overbought at 95+;


Interesting news on the bond front as rates on the 10 year dipped to 2.741% and the TLT was higher by .66% at 103.

Bottom line equities way overbought but have now moved above all the significant moving averages - so looking for a little pull back but also looking for it to be a buying opportunity. Of course the trading range looks to still be 1040/1130- and we are now testing the upper end of that range- double dip anyone?




5 Comments:

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Excellent close

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