The Morning Cup of Jo
Someone get me some caffeine!
Many critters, along with myself, expected, after the long weekend, the markets would give us something to talk about. However they've, once again, been left wanting. If I didn't know any better, I'd think yesterday was a ½ day.
Monday's session lacked volume, lacked conviction and lacked any kind of resemblance of an active market. At 4:00 PM, when Snapper found Hoofy asleep at his desk, it became official; it was the lowest volume day of the year on the NYSE and Nasdaq alike. That's not what the Hoof Master wants to see on an up day prior to the market possibly breaking into new highs and the start of earnings season.
This comes just as the Dow and SPX hit the bottom side of resistance. Believe it or not, it would have been technically more constructive if the markets had finished down on the day. "You can't always get what you want, now can ya?" Let's take a quick look.
Along with the lackluster performance on the Dow and SPX, the Nasdaq didn't offer a great deal of hope either. After yesterday's action, it looks as if it wants to pull back and fill the gap at the 50DMA.
Technical formations in the majors are at best shy of completion and still leave us conjecturing. So for now, as Toddo so eloquently put it in yesterday's Random Thoughts, "When in doubt, sit it out!"
Until next time...
The information on this website solely=
reflects the analysis of or opinion about the performance of securities an=
d financial markets by the writers whose articles appear on the site. The v=
iews expressed by the writers are not necessarily the views of Minyanville =
Media, Inc. or members of its management. Nothing contained on the website =
is intended to constitute a recommendation or advice addressed to an indivi=
dual investor or category of investors to purchase, sell or hold any securi=
ty, or to take any action with respect to the prospective movement of the s=
ecurities markets or to solicit the purchase or sale of any security. Any i=
nvestment decisions must be made by the reader either individually or in co=
nsultation with his or her investment professional. Minyanville writers and=
staff may trade or hold positions in securities that are discussed in arti=
cles appearing on the website. Writers of articles are required to disclose=
whether they have a position in any stock or fund discussed in an article,=
but are not permitted to disclose the size or direction of the position. N=
othing on this website is intended to solicit business of any kind for a wr=
iter's business or fund. Minyanville management and staff as well as co=
ntributing writers will not respond to emails or other communications reque=
sting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.= span>
Daily Recap Newsletter