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 email@example.com.
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