Mr Market has opened mixed, and very reluctant to make any commitment. Maybe trying to refocus after the SOTU that totally removed 1 and 1/2 hours of NCIS and what ever was to follow. The Dow is off 8, down 0.04%, SPX is off 1.42, down 0.11%, Trannies up 6.87, up 0.13%, RUT up 6.76, up 0.13%, the COMP up 0.26, up 0.02% and the XLF is completely flat. The commodity complex is generally trading higher, with Oil up 0.19 at 86.38, Gold off 2.10 at 1330.2 and Silver off 0.02 at 26.79. The Euro is down a couple of ticks at 1.366 and the Dollar is also off a few ticks at 77.88. The 10 year is trading down 3/8 at 3.38% and the long Bond is off 1/2 at 4.52%.
We will experience another POMO this morning, which should turn the market generally higher, as history has shown us that when free money is available to the PD's, they use a lot of it to buy IBM, MMM, AAPL to force the indexes higher. Yesterday, at 3:45pm, algos trading less than 20,000 shares moved IBM 3% higher at the close, forcing a green tick on the Dow.
When I started typing, the Dow was off 8, 15 minutes later the Dow is up 27. It is amazing what a little grease in algos can do.
The Momentum Change Sell signals generated last week are still in effect.
Best To Your Trading!
Bill
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