It was a day of basically nothing. Stocks pretty much finished flat and mixed with traders not doing much. The most exciting and what you would think positive news was taken with a yawn--oil fell 3.9%.
At the close the DJIA lost 4 points, the SP 500 gained .04%, the SP 600 gained .4%, and the Nasdaq recovered some of Friday's losses gaining .56%.
Volume was much lower on the Nasdaq and lower on the NYSE.
The only thing I can even think of to talk about today is...nothing! Nothing has changed since Friday. I swear to God, you will not find me lost for words very often. However, this market today offered me nothing exciting to talk about.
Nothing has changed since this weekend. Therefore, if you have not read my last week post, do so now. This will get you caught up to where we are today. Nothing, once again, has changed.
The only thing odd about today is the lack of volume. If volume is lower tomorrow also, I guess we can come to the conclusion that Halloween has become a Wall Street pseudo-holiday. If volume is above average tomorrow then obviously my analysis is wrong.
The only thing not odd but refreshing was the leadership in the internet, semi, and networking sectors. However, is you look at the SOX, you will see that these markets are not leading sectors and that momentum money is surely not in these sectors. A bounce in this sector should only be treated as that.
Today lacked any catalyst and the rest of the week looks dull for market moving news. I guess we will see how hard market participants party tomorrow on Halloween.
Aloha and I will see you at Investors Paradise.
New Swing Longs: SMSI BIDU SIGM MFRI SFL
New Swing Shorts: NONE
Longs Up On The Day: Q-96 XING-37 INWK-36 AOB-26 LWAY-25 HRZ-39 CXW-36 TYL-51 SYKE-44 IHS-75 HRT IAAC APLX MIKR LMT TRAD DIVX BMC HEI DUCK TSTC QSII PCBK BEBE BLUD HCSG SMSC IIVI ININ ACGL AHS LNET MVSN FORR TCHC PSPT TWGP LTM ISE RSTI VARI CMCSA DIOD MDCI INAP FBNW DKS PRFT SEIC BMTI SAI AWH ULTR OMTR ETE ALSK MOS DSCM TSRA CPA NEWP SVVS VCP MNG NWL NGA NHP VVI AETH XNR MOSS OLP
Shorts Up On The Day: HYDL-15
Stocks On Watch List: PMD ULTI GCOM DR UAUA SXE KKD XOMA COH
Cut All The Losses: SMP
1 comment:
isidore
nothing happened. strongly negative consumer sentiment produced a short downswell---and not much more. this has been a consisent sell bad news economic indiacator--did almost nothing today. THAT's the news. this market isn't listening to anything which mean a blow off top isn't that far off.
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