Intraday Market Commentary From Stifel Nicolaus - August 19
Market Comment from Elliot Spar
Who’s putting out those estimates for the Philly Fed Survey? Obviously not an exact science but I demand a Congressional Investigation. While they are at it, how about a look into the crush in the Spoos and NDX futures after 4 pm yesterday (on no news) for 6 and 14 points respectively. That’s all I have to say about that. The market unraveled on the worse than expected Philly Fed Survey with a couple of support levels being taken out. Around noon, the S&P found support at 1070 but with the NYSE a/d off worse than 5 to 1 negative, I don’t expect a bounce to carry that far. If the market continues its slide tomorrow, I expect the S&P 500 to make a stand in the 1055-1060 area.
CBOE Volatility Index
VIX 26.41 (+ 1.82)
In yesterday’s trade, the down side gap from 8/17 was filled and the VIX held its 200 day moving average. If the market continues in the ugly mode this afternoon, 28.10, the August 16th peak may be challenged.
Late morning reading on the ISE Sentiment Index put/call equivalent at 1.61. One would expect an extreme reading like this with the S&P off more than 20 points. If we get another bullish reading in the a.m. tomorrow, we may be close to a short-term bottom. However, we never hang our hat on just one indicator.