2:30 and time for the bulls to make a stand. Transportation index was strong on lower oil but is now rolling over. As is the Dow and S&P. Both off less than 1% but the path of least resistance may be down. Now or never …
Noon Look
Dow is rolling over to red. Off modestly and there is still hope for an afternoon rally. Should the bulls give up here it would not be good. It is now a struggle of the shorts, who may be emboldened by the noon sell off …
Markets are up a bit, as is gold; oil is down. The proof now rests with the bulls. Short covering is being credited with yesterday’s rally. We can expect more of that but unless we get side-lined money into equities this will be remembered as …
Yowzah!
Oh, Happy Day In what may be one of the greatest percentage gains in history this day was a stunner. DOW +5.8% S&P +6.3% Transportation index +7.2% NASDAQ +7.0 Internals were stupefyingly positive: 2.1 billion shares traded up, only 78 million down. OK, that was …
Afternoon ramp?
We are entering critical time of day. Dow still up 300 but if it sells off meaningfully we will have a severe problem. Traders were duped la week ago when China was supposed to have announced a larger stimulus package. When that failed the market …
Turnaround Tuesday lives up to its name. Around noon markets usually sell off or level out. So, we have to see if these gains last until 2:30, or so. Markets up more than 5%. More later.
All is Forgiven. Really!
Huge rally going on. Market internals are overwhelmingly positive as the averages are up 4-5%. Banks stocks up 20-30% in an hour. Now we wait to see if this market is faded. When an opening is this strong it is axiomatic that the gap must …
Equity futures are solidly up but continue to react to Bernanke’s speech to Council of Foreign Relations. He is calling for a new regulatory authority which would, hopefully, smooth out the boom and bust cycles. Good luck with that. Especially since the Fed itself is …
It appears my web site manager has not changed his clock. I wrote this at 4:13. A tough day for traders. It was chop all day. But for the second day in a row there was some modest buying on the close. In the end, …
Chop
Everything was down in the pre-market: stocks, oil and gold. The market caught a bid shortly after opening, oil reacted to international events and boomed higher but gold continued to sink. At 1pm the market is rolling over. BAC turned out to be a heck …