Buzz & Banter
Things are beginning to heat up a bit this afternoon. For the first time in many weeks, sell signals are outnumbering buy signals. That's a dramatic change from the weakness on Friday and Tuesday when the buy signals swamped sell signals.
The drugs are working today, so I'm less erratic than usual (joking), and the DRG is a tiny island of green out there in a sea of red.
Banks continue to slide toward the important BKX 850 (point and figure sell signal) area and financials across the board are weak. Meanwhile, FNM and FRE are now both trading back below their respective 200-day moving averages, although I would like to also point out that despite their moves off recent lows they both remain on longer-term point and figure sell signals.
The SPX chart (5x3 scale) won't even reverse down until it ticks at 1000, so while short-term traders have been focused on the now defunct 1015 area it won't create point and figure technical damage for some time.
The Dec. dollar has ticked up a bit today but remains broken and the primary downtrend appears ready to reassert itself.
Gold has backed off a bit following yesterday's spike, but that was an expected outcome and nobody I've talked to is very concerned about it yet.
It's eerily quiet out there with the last bears standing a bit reluctant to get aggressive, and bulls finding that the reality of buying the pullback isn't as fun as it seems like it would be...at least so far.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views 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 individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles 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. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter