Well, Mr Market seems to have decided to move in another direction for a while. Who knows for how long? Lets just enjoy the trip.
The Dow is off 30 and the SPX is off 3.25, a trading a little better than the first call. All the major indexes are off except the XLF. I don't have a Green arrow in any of the commodity complex, with the Oil down hard, off 2.06 at 88.80, Gold down hard, off 22.70 at 1347.5, Silver down 0.97 at 27.85. The Euro is off a little at 1.345 and the Dollar is up a little at 78.86. The 10 year Note is off 3/8 at 3.39 and the long Bond is off 3/8 at 4.56.
The Proprietary Momentum Change Indicators are mixed this morning, having generated new Sell signals in the RUT, DJT and XLF. The SPX and the COMPQ are sitting on new Sell signals intra day, but have not yet closed with a new Sell signal. I looks like we will get a rally off the morning lows, so I do not have any new short positions to recommend as yet. I like the levered ETF's, and tlhe FAZ, the TZA, the SDS and the QID all have generated new Buy signals, but lets wait for the 3:00pm pricing to see where the SPX and COMPQ is trading before putting on new positions. I don't want to get in front of a new rally if that is what is in store today.
I don't have my hero hat on today. I am a little confused by the weakness in the domestic debt markets.. if there is a serious flight to quality developing, it would seem the bond market should be up, and the dollar should be stronger.
I will post something later today as we get a better look at the days action.
Best to Your Trading!
Bill
No comments:
Post a Comment