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MARKET WRAP UP 01/13/11
Despite closing off of the worst levels of session, we had another trading session of blasé action. With the S&P 500 finishing down 0.17% to 1283, you got the sense that the market was holding its collective breath in front of INTC and JPM earnings. At the time of this writing, I see that INTC is higher in moonlight trading. Keep in mind that INTC, the chipmaker bellwether, has seen its post-earnings bounces faded rather aggressively over the past several quarters. With that said, the broad market is still technically sound, even if the underlying enthusiasm and energy are not particularly impressive. Attempting to call a major top has not only been a waste of time and capital, but it also had been uncorroborated with the charts of the leading indices and sectors, seen below.
Indeed, no trend lasts forever, but when too many market players acknowledge that we are extended and ripe for a buyable dip, the net result is a daily drip higher that is starting to frustrate just about everyone watching the tape which, oh by the way, is exactly Mr. Market’s modus operandi.
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“You know, there’s going to be s#x, drugs, rock-n-roll… chips, dips, chains, whips… You know, your basic high school orgy type of thing. I mean, uh, I’m not talking candlewax on the nipples, or witchcraft or anything like that, no, no, no. Just a couple of hundred kids running around in their underwear, acting like complete animals.”
http://www.youtube.com/watch?v=2UkeH1KCxIs
Enjoy!
you are strange
You continue to produce witty headlines. Awesome, hard act to follow (for the next iBC tabber)
Cheers, Jim.