For mental health reasons, we hardly ever watch CNBC anymore. But glancing at it this afternoon, at one point we saw three separate live graphics displaying the price of crude oil. So much screen space was taken up by live oil trackers, there wasn’t enough space left to show the chart of whatever alternative energy company they were pumping.
Was oil making a new high today? Did the U.S. unilaterally attack another country? Did someone accidentally double-park in the Strait of Hormuz? …
Maybe it’s just us, but markets seem really boring and indecisive this week. There’s not much to talk about unless you want to talk oil or bonds. We’re beyond sick of hearing and talking about oil (though we’re dipping a toe into some short positions here), and although bonds are always more exciting than people give them credit for (we’re still in love with munis this year), well, meh.
We’re in the mood to do another newsletter takedown, so if you…
This week should be pretty volatile, with plenty of government data, earnings announcements, and Fed action to push markets to and fro. Many traders are paying special attention to the GDP announcement Wednesday morning and the FOMC news later that afternoon. As is our wont, we advise taking off some risk ahead of Fed meetings.
Markets were very quiet until the last forty-five minutes today, trading on very light volume, and the S&P 500 emini futures weren’t able to break above…
Friday’s selloff obviously relieved any overbought conditions that may have persisted, so before the Monday open here are some Reversal Readings we’re keeping an eye on. Remember that we consider any reading above 95 to be well overbought and any reading under 5 very oversold.
XLF – Financials – 0.39
EWA – Australia – 0.65
EWZ – Brazil – 6.22
IYR – Real Estate – 0.53
XLI – Industrials – 3.4
PHO – Water – 9.1
We already have a small bonus trade position in the financials and…
Markets ripped higher pre-open, gave it all back right away, moved higher again, and then gave it all back again through to the close. There: we just saved you six and a half hours, you didn’t miss a thing.
Alcoa announced earnings after the close and missed and is down another 15 cents after a -1.50 day.
Indexes hit some overhead resistance and volume was really blah today. The VIX, which was down another 3% intraday, closed down just 0.03.
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Thursday, June 12, 2008
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