Korean BBQ

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MARKET WRAP UP 11/23/10

We had another morning of blood on Wall Street today, as extremely negative headlines provided a bearish setting. Unlike yesterday, though, the bulls failed to pull off a late-day rally. Instead, although not at the lows, the S&P 500 closed down 1.43% to 1180. Once again, there were some impressive individual performers beneath the surface, namely in the retail/consumer discretionary space. While overall market breadth was poor, volume was meek.

Heading into Wednesday, the busiest day of the entire year for traveling, I would expect to see an overall drifting sensation in the markets. Then again, the SEC, as well as Ireland and North Korea, do not seem particularly keen on adopting the holiday spirit.

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[youtube:http://www.youtube.com/watch?v=TwBa3XA3Sl4 450 300]r

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MARKET WRAP UP 11/22/10

Despite many looking for the traditional bullish bias to the markets beginning this time of year, stocks wasted no time in plunging this morning, hitting an intraday low of 1184 on the S&P 500. However, just as traders were about to trade in their pumpkin pie for that of the humble variety, the leaders in the Nasdaq Composite engineered a late-day rally, as the S&P finished down 0.16% to 1197. Despite unimpressive statistics on the broad indices, the high momentum market leaders acted well.

Nonetheless, the S&P is still coming to terms with the 20 day moving average. As this holiday week progresses, it is logical to think that volumes will shrink drastically across the board. With that kind of backdrop, I find i difficult to see how bears would feel compelled to press their shorts here. Then again, not being forced to redraw a map of the world to cross out Ireland is always a nice little bonus.

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NOTE: These charts were originally published on Saturday, November 20, in 12631, a premium service for members of The PPT. Click on links for more details.

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If MSFT acquires RIMM, will they feel compelled to introduce a Blackberry Bald?

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MARKET WRAP UP 11/18/10

As the GM IPO launched, stocks held on for the large majority of their gains after a morning gap higher today. Breadth was strong, as the risk trade was clearly back on the table, with the S&P 500 finishing up 1.54% to 1196. In the past several weeks, one of the more fascinating psychological aspects about the market has been how quickly traders have shifted from a fear of missing out on the rally higher, to suddenly having fear of being caught in a sell-off. Today, we seemed to have come full circle, with market players scrambling to accumulate long inventory.

The pressing issue is whether Tuesday’s print of 1173 on the S&P marked an intermediate-term bottom. Clearly, after today’s price action, the bulls have regained the initiative and must show some follow-through. We closed just below the rising 20 day moving average on the S&P, and how we negotiate that reference point will be a key tell in the coming days.

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