Stocks
I have nothing new to point out on the above chart of the S&P. All we did was take out yesterday's high and then sell off.
What I did find interesting was that in the morning when all 3 indices were taking out yesterday's highs around 10:00, the brokerage stocks were showing relative weakness. Around 10:15 BSC LEH and GS continued to move lower pulling down the rest of the market. Like I said the other day, the stocks to watch that are leading this market are the brokers, lenders and home builders.
I'm holding short positions in the SPY, QQQQ and DIA from last Friday . If we do rally early next week, I'll short more. As far as stocks are concerned, I'm day trading brokers and home builders from the short side when they show weakness but exiting by the close. I'm still looking for another leg down in the market and I think a rising yen will be just one of the catalysts behind the move.
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6 comments:
Kevin, what's your opinion on this chart:
http://www.markit.com/cache/curves/ca0c388597bcdf4d43428af0fdc.png
from:
http://www.markit.com/information/affiliations/cdx
?
Thanks!
The link didn't work
Sorry. It's Dow Jones CDX.NA.HY
Credit default swaps.
To be honest with you Sandro, I have no opinion on that chart..Sorry.
Thanks for all your work. Your's is the only blog that fills my TA need at the end of the day. Not crowded with info, and makes trading seem easier.
Great chart at xtrends to make your feel better about your index shorts.
http://xtrends.blogspot.com/2007/03/so-long-darling.html
Thanks Igreg..
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