It's not like the end of the world just yet and maybe our friend above will get a favorable lift of air. Friday's end of day options expiration ramp was misleading and wasted some buying power not that there's much of that anyway. The late day "stick save" today may be just an indication of sellers running out of gas. Most investment dollars are tied up in funds anyway and equity outflows still remain.
The Kabuki Dance is still going on in Washington and both sides seem determined in their positions for now. European debt and stress for banks are still dominant and more Italian bank stocks and bonds were savaged Monday.
More earnings news is set to hit the news ticker with IBM (breaking: earnings beat estimates by 6 cents) up and then all eyes on Apple (AAPL) tomorrow. Bank of America (BAC) and Citigroup (C) shares were leading the financial sector lower. And, as we've been saying now for weeks, the overall market can't rally without financials at least in the same trend.Late breaking news is Cisco (CSCO) will cut 6,500 jobs (now they say 11,500). Also Borders announced the closure of 399 stores and petitioned the judge to liquidate the company which should negatively affect some REITs (VNQ, IYR and etc). What an amazing boom and bust story! Gold (GLD) advanced to new record highs and was followed higher by silver (SLV) while the dollar rallied slightly. The rumor remains the Chinese central bank is a big buyer of euros looking to backstop their long positions. In the meantime, bonds were mostly flat on the day with U.S. bond (IEF) investors hesitant over debt talks. Volume remains somewhat higher than recent averages and breadth per the WSJ was quite negative. You can follow our pithy comments on twitter and join the conversation with me on facebook. Continue to U.S. Sector, Stocks & Bond ETFs
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