Monday, September 21, 2009

Quicknote

The half-full glass is half-full of half-empty just now, but I'm keeping little changed so far; from the portfolio posted last night.

Give the market some credit here, as it flashes resilience yet again. Most of the more aggressive growth stocks did catch a bid following today's gap lower.

But while the Nasdaq reversed positive (so far) on the day, internals today remain mostly negative. The victory for the bulls may be more in the market stabilizing and getting quiet for now; as opposed to a strong upward reversal; we'll see.

Nasdaq is currently higher by .25%, but leader AAPL remains lower by almost 1%, overall breadth is negative by a couple hundred issues and volume is running on the low-end of recent normal (certainly lower than Friday).

Over on the NYSE, which is still lower by .66%, breadth remains greater than 2-1 negative.

Commodities are taking body shots today - also a negative.

Drivers this week include the FOMC meeting, G-20 summit, the Dow 10k magnet (which is getting a lot of attention), a boatload of IPO's coming to market, plus a handful of other things I'm paying virtually no attention to.

I'm keeping with SKF, TWM and UUP hedges for now and not accumulating further longs at this point.

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