Other than a friendly Supreme Court decision not to review a tobacco case; a "bear raid" on gold; a sharp rally in bonds and a positive report from Micron Technology after the close made Monday pretty dull. I was contemplating an escape from writing much given market action; but, it's raining so I may as well do some work.
This should be a slow week until Jobless data hits on Thursday and Friday. Then action might become more volatile as volume slows before the holiday.
For the most part Monday bulls and bears toyed with one another finding little direction and basically giving up in the end.Importantly and away from tech some important sectors like materials and consumer discretionary were quite weak. Monday's volume was again light and breadth modestly negative. The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term. The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended. The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise. Fear creeps-in...again. Continue to Major U.S. Markets
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