Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up; Australia and South Korea rallied over 1%. Europe is currently mostly up; there are some moderate winners but no big winners. Futures here in the States point towards a flat open for the cash market.
This week’s action has enabled the bulls to relax a little. Last week was scary. Many were predicting a top was in place and the beginning stages of a correction was in the works. This week has recaptured more than half the losses, and we’ve had a handful of decent breakouts. But volume has been light, so if Wall St. is viewed as a big voting booth, we can conclude the general public is not in favor of or supportive of the move. Price action rules, volume comes in a distant second. The next few days will be very tells. Either this light-volume, dead-cat bounce get sold into or it continues long enough to completely neutralize whatever negative sentiment was created last week.
The dollar is up slightly. Oil and metals are down.
I sold most of my longs last Monday and bought reverse ETFs. Then I sold the ETFs Thursday and have been sitting mostly in cash since. I like to take high-probability trades when the odds are in my favor, not when I have to guess what comes next. I have no problem waiting until the market shows me its cards first. That’s the situation I’m in now…waiting until the near term is a little more clear. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s sector performance
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (May 11)”
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Probably a top is forming. Maybe that 1400 is approximate top.
Debt Ceiling has to be resolved, without too much fraud.
The end of EQ2 as we know it thus far is about to be replaced
with QE?. The market hates uncertainty.
Long the indexes, particularly small cap right now.
Short spread on later summer.
Mr Weintraub,
If you do not enjoy Mr Leavitt’s daily commentary, please stop reading.
And you do not need to comment on here every day either.
Mr Leavitt,
Please keep doing what you are doing as you daily take on the markets is very much appreciated.
Respectfully,
Tony.
Will we get negative interest rates after QE2 as a good buy present from the fed
i will ask my dead cats –grusome and awesome
they said it doesnt matter the world will default on every thing and shares will go to zero
Neal for President !
Apparently Neal forgot to take his thorazine this morning. HW
Voting… how old do you have to be?
awesome my dead cat votes for Tony
gruesome my other dead cat votes for Neal
teddy bear for Tony
and grizelly my other pet bear Neal
but i vote for Mr Leavitt–the next few days should tell us which way
the dax and ftse are now crashing after toping and taking the euro with them
the instos are selling according to my live 1 min tick chart ,that hasnt got above zero yet
the ndx is having a volitility attack and cant make up its mind
Wait a minute, I thought Neal was really Howard in drag.
Neal – I can’t get to Chicago to talk to your FED friends, but Chuck Plosser over at the Philly FED will meet me for lunch by the Liberty Bell if I treat him to a cheese steak. It’s against my policy to buy FED officials anything, but he promised to give me the same info you got that gets the DOW to 13,000. I’m considering it a legally binding promise in consideration for my performance (a cheese steak “wit”). I’ll let you know how it goes, but can I trust him?
By the way, I threw out all my charts and technical analysis indicators. I’m looking at a chapter in one of your publications on C.V. and I’m going to follow his lead.
Is that OK with you?
Boy! You sure put that “prig” Tony in his place. I kinda feel for the poor guy because he didn’t know he was messin’ with a Chicago Floor Trader/Trading Guru/Author/Website Founder. I’m casting a vote for him only out of pity.
I vote for Tony because he uses plain English and not talk over my head with all those “professional” trading lingo terms. At least I can understand what he is saying.
Why can’t we all just get along?!?
How come I Googled “douchebag” and this thread came up?
i trade the only reality there is –the 1 min chart —so far it states the dji cash peaked at 12900–and thats where i went short at with many cfd contracts –mon 2nd oz time –bin ladin nonsence– i also shorted the world–ofcourse as a daytrader i have long since taken profits
the fed and philly fed may need some more viagra
im with you Wainsta
but by nature traders are head strong ,opinionated wheller /dealers
i wouldnt read too much into it
im flat now going to sleep
nite all
I vote for Neal,
he’s full of Zeal.
Tony ? just a show Pony,
full of air & Baloney.
Neal’s the one, ‘The Man’,
Kick out Tony into the Can !
My vote is for Tony and LeavittBros. Mainly because they can make a point using less than 5,000 words. Normally wouldn’t mind except for I have to listen to another 5,000 when I get home from work.
Hey Neal,
Why don’t you just chill and play nice with the other kids and not take your bat home. I do appreciate your inputs even though I don’t understand what you’re trying to say sometimes
Cheers