Friday Outlook: Bulls in Charge?
You had to be pretty determined to find good news Thursday but bulls
found it in Wal-mart (WMT), an upgrade in Intel (INTC) [after a downgrade the previous day] and
lower than expected unemployment claims.
Even crummy earnings and outlook from Bed Bath & Beyond (BBBY) rallied that stock slightly
after it was crushed early.
The
rest of the news remains unrelentingly awful.
But, this is what trading range markets are all about and I still think bulls are playing from the big stack. If markets were objectively trading on the news we’d have collapsed a long time ago.
Volume improved markedly, especially in the NASDAQ, while breadth was the mirror image of Wednesday. The heavy upside volume in the NASDAQ compared to its breadth indicates a heavy concentration of buying in fewer names.
Go to page 2 - Commodities, Emerging Markets >>
Even crummy earnings and outlook from Bed Bath & Beyond (BBBY) rallied that stock slightly
after it was crushed early.
The
rest of the news remains unrelentingly awful.
But, this is what trading range markets are all about and I still think bulls are playing from the big stack. If markets were objectively trading on the news we’d have collapsed a long time ago.
Volume improved markedly, especially in the NASDAQ, while breadth was the mirror image of Wednesday. The heavy upside volume in the NASDAQ compared to its breadth indicates a heavy concentration of buying in fewer names.
Go to page 2 - Commodities, Emerging Markets >>
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This article has 7 comments:
There is no bad news that cannot be ignored!
l
Why such large cash. With all the shoes dropping, why not shorts like SKF especially (Gov't about done?)? SDS closely aligned with volatility next week. TWM, EEV or REW to hedge technology.
Or if you like Oil & Gas DUG with $99 - $110 crude.
Reason
In times like this go to a larger pet store and buy yourself a chimp. Take him home and train him to pick names out of a hat. Write down 100 names, 50 you want to buy, 50 you want to sell. Each morning have your chimp give you his advice by having him pick selection. Hell, you could do worse like listening to those moronic talking heads on CNBC or Bloomberg Financial.