Afternoon comments have not much to offer while we watch the market’s grass grow. Interestingly the volume, while pathetically low, has remained elevated through out the morning session. The red and green are about equally matched throughout today’s sideways movement. I am not sure who has the upper hand between the ‘Five Fingered’ Financiers, DaBoyz and the Midnight Market Mutilators.
One thing I am sure of it isn’t the cash crowd moving this market around because we are all sitting on our hands wondering what the heck is going to transpire next. The selling of offset by the bulls buying the dips it seems and a very boring market. Even the VIX is down around 15 for the first time in months. Looking more and more like complacency is setting in and that my trading friends is when you should be on your toes.
The real ‘correction’ hasn’t even started yet, last Tuesday was just to see if you were asleep. I’m hoping it is going to be a dozy because outstanding bargains will be for the picking. Then I hope the Fed will panic and spout forth rumors of QE3, if not actually implementing, it driving the market right back up. Woo hoo, just like the old day’s.
The DOW is currently at 12954, the 500 is at 1369, SSO is at 55.31 and SPY is at 137.39.
Comments from around the World. First Italy.
Crolla families spending: as levels of 30 years ago
Report IntesaSanpaolo: food and beverage -1.5%. Record for petrol. Italy is in recession
From Athens.
Sovereign bond risk climbs to eight-week high after Greek swaps triggered
The cost of insuring against default on European sovereign bonds rose to the highest in eight weeks after the declaration of a credit event triggering $3.2 billion of Greek debt protection contracts.
From Bloomberg.
European stocks retreated, halting a three-day rally for the Stoxx Europe 600 Index, as a report showed export in China, the world’s second-largest economy, grew at a slower pace than forecast.
From Financial Times.
Shares meander in wake of China data
Slowing exports overshadow strong US jobs numbers
More when something actually happens.
Written by Gary
