hmmmm...maybe a bear market? We continue to have increases on very light volume and declines on relatively heavier volume. The market lacks any clear bullish theme to follow at this point. Until those two things change, nothing will.
Brandon, I respect your posts. You're one of a few that contribute value here. True we have greater volume on the downside in ES compared to yesterday's volume, but we have much less than Jan 31. I show we are around 2.1 right now and 1/31 had over 3 mil for the day? I am thinking reverse may be imminent, but I typically trade in the direction of the trend.
I see some things that are interesting. Housing stocks might be sold out, TOL did not sell of nearly as much as it "should" have today on its news. The sector overall has been strong over the last few weeks and I've been waiting for a good buy setup. Ditto transports, JBHT, CSX etc. Currently though my only open position is long QID, long EWM and short USO. Might be that way for awhile.
Hey guys I'm coming out of my sand pit today. Yea bear market whatever with these larger swings we may have to recvisit that 20% down rule, at least in Asia where they take back 8% in a day. This isn't even a recession which is so frustrating but they get cute it's an earnings recession, whatever stocks are going down. Today's move was based on several different factors. Foremost was Philadelphia Fed President Plosser commenting on the economy, saying rate cuts won't solve bond insurers' problems, noting that the biggest risk is a recession but that the Fed must remain vigilant against rising inflation... that's called the truth folks. It hurts. wed can't lower any more we should all just get used to that fact and move on. Then S&P began circulating some scary stuff I caught a whiff of. Honestly i'm trying not to look but- S&P said Merrill Lynch (MER) was most at risk of a downgrade from the bond insurers and CDO troubles -- this statement sent MER shares into negative territory, and led to declines in the rest of the brokers... and they took the banks... you know the routine.also the day started with heavy losses in the futures exchange stocks following a DOJ comment letter suggesting the separation of clearing operations from the futures exchanges. Another great day huh! Through it all there are glimmers of good news to a tiny group of stocks. One's worth following from my corner of the world.... SIRF- Pounded into mulch my sources say they are probably in the google phone coming out, if that's true it's a double from $8-$9. NYMOX Pharm- had some great news today on their prostrate drug well into third round of phase 3, nobody cares but me. Used to own probably getting back in tomorrow, want to get a house behind me with some research notes on the latest trial. SYNA- The touch pad folks beaten down pretty good. worth a look. Director bought 7,500 shares. If China decides to sprint to the Olympics from here JRJC would be worth a play. they are a Street.com of china and Jeffrys has a recent PT of $28... stk is attractive @ $17 level. AMSC- what can you say? The stock has killed me, they can't turn a profit yet but (alas) they present twice in feb we shall see... MLNM- is my number one play for the year folks. There is a reason why it hasn't gone down in these successive plunges. buy the damn thing. Keep these on your watch lists, I'll be back in touch as the glow of the super bowl victory continues to ebb from my system along with the alcohol. ~ stoney