Everyone all excited about tomorrow and it should be pretty wild - but here are some good links in advance of the big number:
BESPOKE- on the new year FLIP;
And checking on the High yield rally;
Jason on the stalling rally;
Palin back in the news - and it will probably lift her ratings;
Leno also appears to be back as Conan probably goes into obscurity;
Despite constantly being made fun- the French are number where it counts the most;
Equities trading mixed at midday with the SPX up a hair - and the NAZ/NDX down about .5%- but both indexes well off the worst levels of the day.
Strongest sectors- banks, airlines, homies, gaming, retail and real estate while semis, internets, metals, emerging markets and tech lag.
NYSE - flat internals;
NAZ- 90 net losers;
SPX- 220 GREEN;
NDX- 31 GREEN;
VIX- down a hair at 19 and about 4% under the SMA 10.
TRIN- .78 with up volume slightly better than down.
Gold down about .5% at 1131 while silver is up a bit at 18.27.
Crude down a bit while energy stocks are lagging the major indexes.
RSI 2 levels diverging among the major indexes as follows:
So probably time to buy the NAZ/NDX and sell the SPX - or something like that - not sure we get much more action today as most are waiting for the jobs numbers tomorrow.
Equity markets are bouncing around the flat line with strength being found in metals and commodities.
Strongest sectors- metals, energy, biotech, banks and retail while gaming, internets, airlines, tech and real estate lag.
NYSE- 700 net green;
NAZ- flattish internals;
SPX- 272 GREEN;
NDX- 42 GREEN;
VIX- down 2.3% at 18.9 and about 5% under the SMA 10.
TRIN- .74 with up volume about 2x the down.
Looking to take off all trades with stop under DIG and GDX - although expecting a move higher before the close- and still looking at a sell off on the payroll number on Friday- just seems like everyone is expecting really good news.
Equities seem to be consolidating with the DJIA down 30 and the SPX higher by less than a point.
Strongest sectors- gaming, airlines, metals, energy and trannies while nat gas, reits, drugs and semis lag.
NYSE- 372 net green;
NAZ- 60 net red;
SPX - 215 GREEN;
NDX- 38 GREEN;
TRIN- .59 with up volume more than double the down- interesting;
VIX - down about 2% at 19.67 and a few percent under the SMA 10;
RSI 2 levels- nearing 80 as we struggle at the these new over bought levels.
Lagging etf's include XRT XLK and the big standout IYR with an RSI 2 level nearing 3.
Still long SLV but sold the last of my VALE - on the spike up this morning.
Bottom line - looking at a range bound day with a move up later in the week in front of the big payroll number on Friday.
Equities are off to the races with the SPX +16.5, NAZ +40 and the DJIA +142. Helping lead the way- the dollar- which is down .5% at 77.72.
Strongest sectors- just what the bulls want- gaming, energy, metals, emerging markets and small caps while airlines, retail, real estate and internets lag.
NYSE- 1950 net winners;
NAZ- 1600 net winners;
SPX- 450 GREEN;
NDX- 92 GREEN;
VIX- down 5.5% at 20.45- and a hair above the SMA 10.
TRIN- .58 - with BAC C AIG helping and FRE hurting.
GOLD- higher by $25 and silver up almost 4% at 17.55.
Have been long DIG and VALE for a little while and will probably take some off both today- markets obviously getting a little over bought here and with TT tomorrow - well - here are the RSI 2 numbers:
So there it is to start the year - my predictions on gold and SPX at a nice start.
Ok- the start of a new year and a new decade - good grief - Twenty ten and the 10's I predict will be ok for most-
I am expecting a good year for equities and will go out on a limb with an expectation of a 15% gain on the SPX.
No idea on where the dollar is going but I do expect that before the year ends gold will touch $1,500 per ounce- and will revisit the price next year at the same time.
In barron's this week- they are bullish on CVX and expecting decent returns from a big winner in 2009- junk bonds - they are thinking the spread between junk and Treasuries remains the same - so a pretty good yield -and a good return even if prices fall a bit.
Barry with a look at job disappearance by County.
One reason for my bullishness- money coming into funds.
The NYTIMES- with a look at food stamps.