…dead anyway, man. If the volume that we have normally been seeing is a joke, then the volume today must be like seeing a Chris Rock show in person.
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[youtube:http://www.youtube.com/watch?v=AuInkEF_dQg 550 412] Comments »Dishes are Done, Man
[youtube:http://www.youtube.com/watch?v=CMiEpeKMNQI 550 412] _______________
The end of month and end of quarter window dressing has run its course, and we are left with a rather dull market. Indeed, the dishes are done, man. We know by now that the solars have had a nice little move, and what we are trying to discern now is the staying power. Are these only good for swinging a few days? Or, are they multi-week or even multi-month power moves?
Inside The PPT, here are the current readings of solar names in which the proprietary algorithm is detecting significant accumulation, or heavy buying by institutions. If, in fact, the solars are poised for a significant move higher, then you can be sure that the big boys will need to be involved for that move to prove sustainable.
Double-click below for larger view
Calm Seas and Fair Winds
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With the S&P 500 running straight up into the key 1330-1332 area yesterday, the price action thus far today smacks of digestion. As I discussed in my video market recap last evening, we were looking to see whether that overhead resistance would cause us to calmly drift for a few days at sea, or rather would send us frantically turning the ship around in the other direction in the face of a violent storm. Clearly, the former scenario has been the relevant one this morning. In other words, today is probably going to be a good day to down a few shots of espresso (Illy, black label) and soak up the action.
One area of the market that is particularly impressive is the coal space. KOL, the sector ETF, is breaking out nicely from resistance and has also seen strong buy volume of late to confirm.
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Sector Analysis of the Financials Using The PPT
NOTE: Please click here for more information about The PPT service here on iBankCoin
Comments »Video Market Recap 03/30/11
Looking for a Higher Lowjob in Vegas
The major casinos have been beat up here. Stevie WYNN has held up the best, as is the norm, while LVS and MGM have been taken out back like a card cheat in one of those old mafia-run Vegas casinos from the 1950’s. They are looking to make a major higher low here, though. Also keep in mind that they are all still in overarching uptrends, despite the recent steep correction. (Disclosure: Long MGM)
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