9:59am
Here’s the news we’ve been waiting for… house prices fall 3.1% from a year earlier (in cities)… confirming we’re in a double dip situation in housing…
SPY now back under 131…could be looking to see whether there’s a short opportunity out there.. i’d like some more downside first though. What stocks are you currently buying?
Where is the spin on consumer confidence? I heard it was way negative and market flipped positive? VIX reversed 1%
lets face it…the big number if friday…we may get profits for eom at the close..but we have the first day of the month and a good unemployment number that will send us to test new highs…if the unemployment # is bad, i don’t think they can spin the weather excuse and we might get a pause going into earnings…bank earnings should be interesting
Just bought 200 SSO @52.10, will stop out rather quickly if it doesn’t work.
Wow – right back to 131.60 on bad news. Just think where we would be with no news or good news. This market has no chance of selling off… so it seems.
can anyone explain why they think the trading volumes are so much lighter than the years before, thanks
I would guess that two strong market downturns in a relatively short period of time (2000 & 2007) drove many retail investors out of the market if not for good for a long time. A little more speculative is the retail reaction to the open admission that the US Government is supporting equity levels by buying their own debt. All the while, it is plainly obvious that the people are being lied to and the economy is not recovering, which can be doing little to boost investor confidence. Lastly, even 60 minutes did a piece on HFT algo trading and their ability to, at best, game the market and, at worst, outright manipulate it on low volume.
http://mrtopstep.com/2011/03/29/topnotch-inverse-relationship-between-30-year-bond-and-sp-futures-continues/
Short Mr. Top Step video, there are a few on the site.
I’m going to put in stop on SSO buy of this am (it was meant as a daytrade) to lock in .5% profit or so. Will likely close position some time today. Probably a stupid trade, not much reward, but I was bored / itchy.
http://www.focalequity.com/2011/03/29/intraday-commentary-03292011/
Market commentary.
Shorting $WDC here at 36.98.
Free cloud storage I think is going to hurt them.
Took some profits on short $OPEN
Feels like no-mans land on SPX between 1300ish and 1330ish, at least for the moment. Kind of boring.
http://www.zerohedge.com/article/reverse-repo-closes-whopping-22-billion-liquidity-taken-out-market
from zerohedge – Bill Gross plus reverse POMO – note, this is another site that tends to hi-light negative news
now tight stop on sso after last run up
Chugga chugga chugga as the train to paradise keeps on a rollin! Unstopable bring on all the bad news we can get for the train will just keep a chuggin up up and away.
I guess I’ll be convinced if we take out yesterdays highs. You might see a pretty good short squeeze at that point.
Well so far we are on the path of taking out the yesterday highs and then some. All the news will be good on the employment numbers and it will keep on a rollin even higher. Same old story same old dance.
this market sucks
most backward market ever, i just want to stop trading this stupid market now.
Appears to be more of a trading range at the moment, at least on the indices. SPX still about 1.8% down from the Feb 18th high of 1344. Of course anyone who bought and held the indicies since September 2010 is doing great.
But wtih the market (SPX) up approximately 27% since early Sept 2010, it feels unsustainable, or if it keeps rising it feels like a giant ponzi scheme where the last one out ends up holding the bag.
My hat off to anyone who’s caught this entire rise.
I’d be quite surprised if SPX exceeds 1344 again and then blows above it in any meaningful way.
Not me I believe it will push on through 1400 TBH at least until June then God knows what will happen.