Intraday Market Commentary From Stifel Nicolaus - August 18
Elliot Spar of Stifel Nicolaus provides today's intraday stock market commentary, in a new section which we hope will become a staple to Zero Hedge.
Buyers stepped up in late morning trade, first in the Nasdaq 100 and an hour later in the S&P and Russell 2000. The NYSE a/d has been working its way higher for the last hour and is now 2 to 1 positive with the S&P up just 6 points – a positive. The 10 Year notes have given back much of their earlier gain and that in-turn inspired stock buyers. At this time, the major averages are at or slightly above yesterday’s highs. If the NYSE a/d can hold at better than 3 to 2 positive on any minor dips in the next two hours, that should bring out buyers. However, at 8:30 am tomorrow, we get the reality check in the form of the weekly unemployment claims. Bottom-line: I’m a profit-taker and or hedger with the S&P 500 in the 1105 to 1116 area.
INDEX IN FOCUS
PHLX Bank Index
BKX 46.48 (+ .40) Last Tuesday BKX broke down out of an ascending triangle. Needs to get back over 48 soon or a test of July’s low at 44.39 would be targeted.
SPX, MNX, RUT – August expiring options all stop trading at the close on Thursday. Settlement is on Friday’s opening.
iSHARES Russell 2000 Index
IWM 2 63.19 (+ .57)
Large buyer in the a.m. on the Sep 59 puts. 89,000 trade on the ISE vs. open interest of 37,803. Probably put some pressure on the Russell 2000 early on as market makers laid off the risk in Russell futures and/or IWM by selling them.
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