By Dave Fry, founder and publisher of
and author of the best-selling book
February 8, 2010
RAINY DAYS AND MONDAYS
Stocks started Monday with some strength which was a follow-through from Friday's big time closing ramp. Perhaps whoever was involved in that was able to unload those positions to the unsuspecting. The bottom line as the day wore on was a lack of bullish conviction. And, into the close DOW 10,000 failed to hold meant no "stick save" Monday and nothing to base one on anyway.
Investors became a little skittish when a story (trial balloon?) was floated in the WSJ that Bernanke was looking for a way to raise interest rates toward the end of the year.
Volume was above average for the past few months but lighter than during current volatility. Breadth today was decidedly negative and we're once again short-term oversold.
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Continue to Concluding Remarks
If you're on the west coast I guess the title is appropriate but the east coast is kind of that "wintry mix" often described. (Oh, I'm just having some fun since that's a strange description for a blizzard.)
Markets lack conviction at least for bulls. Probably the folks or machines that launched the late Friday buy programs took their profits early giggling all the way to the bank.
There isn't a lot on tap tomorrow as economic data is limited as noted below from Briefing.com:
After Hours trading courtesy of MarketWatch shows little in the way of any significant movement except for Electronic Arts.
On Thursday all hell may break loose in Iran. There may be another Tiananmen Square type event in the streets of Teheran while the leadership there boasts of some other serious demonstration of power. It's disturbing to say the least.
Let's see what happens and you can follow our pithy comments on
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Disclaimer: Among other issues the ETF Digest maintains positions in: UUP and DEE.
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Dave Fry is founder and publisher of
, Dave's Daily blog and the best-selling book author of
, published by Wiley Finance in 2008. A detailed bio is here: