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Hi guys, I've been back in the saddle for a while now watching
what's going on. Frankly I thought we'd hold more of the morning
"oomph" than we have, but at least we're still up 50 and all our
stuff is looking pretty
As expected we ran green and then "stopped" and have been hovering
ever since. The pending home sales falling 25% YOY took some wind
out of their sails earlier, but they brought it all back up and I
suspect they'll cruise into the close
My call for a green day didn't look so hot this am, as we were
down 50 points, but I said I thought we'd "green up" and indeed we
have. As I'm typing this at 2:50 we have the DOW up 39, the
Three big programs fired off, taking the market from + 24 to +78
since 3 pm. I grabbed the SPY at 132.64, which filled me up pretty
They definitely wanted to avoid a 4 day drop, something that's not
I called for a flat day and boy has it been flat. For most of
the day they've hugged the unchanged line, and even now heading
into the last hour with short covering we only have 11 DOW points
and 1 S&P point.
There' wasn't much
Okay, the warfare is officially on.
We've been down 155, we've been down 120. As I'm typing this, an
hour+ into the day we have the DOW off 132. The S&P is below
it's 50 day moving average and that's the high water mark
Not so fast. We've seen this movie before, and it usually ends
differently. Yes we're down 80 but we've been down 145 and ended
green. as much as the market is heavy, as much as we're slowing, as
Right after I sent out the update at 10:40 a bit more selling hit.
We had just drifted red and then a few waves of downward pressure
hit. For all intents they could have gone all the way down and
retested the moving averages,
A few stumbles out of the gate as expected, but now at 10:31
we're in the green across the board. Granted, not by much but green
none the less.
I did sell some SPY this am, and kept half. It wasn't much, but
They keep trying to run the market, and it keeps running out of
steam. But the important part is still that the S&P hasn't lost
it's 50 day, meaning that at any moment the techno traders could
step in and just blast us higher.