Are the mortgage lenders the new consumer proxy?
Now it seems to me, some fine things
Have been laid upon your table
But you only want the ones
That you can't get
The Minx slinks open and turnaround Tuesday has officially begun. The early theme lacks steam but the groundhogs aren't worried--they've been conditioned to view morning sickness as a passing fancy. That complacency--coupled with glittery gold, the droopy dollar and bunk breadth--bode well for Boo. What he's fighting (and what we know) is that he's playing salmon to the recent market stream and the currents have been rapid!
The morning flow has been littered with tech sellers (QQQ, Dell (DELL:NASD), Intel (INTC:NASD) and some calling buying in select financials. The retailers are underperforming (again), big cap pharma continues to act well, Cisco (CSCO:NASD) is lower in the face of this morning's upgrade, energy is taking a break and the metals are shining bright. As I write, the Minx just legged lower and is starting to eyeball the S&P 1015-1020 support zone.
Also, Washington Mutual (WM:NYSE) is presenting at a conference and a story is on Bloomberg saying mortgage applications are down 40% from July. That's quelling sentiment in the group and as the financials are uber-important to the tape, I wanted to make sure you saw it.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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