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Intraday Market Commentary From Stifel Nicolaus - September 1
From Stifel Nicolaus' Elliot Spar
Buyers got control from the get go today and the better than expected ISM data at 10 am pushed the S&P 500 and Nasdaq Comp right through their resistance levels of 1065 and 2155. Where are the doctor doom and gloomers today? Let’s get an updated outlook from Roubini, Feldstein, Rosenberg. Not now, CNBC has to wait for a big down day to bring those guys out so the public keeps watching that station.The S&P has stalled out just below its 50 day moving average sitting at 1081. With the NYSE a/d of 7 to 1 positive, I expect any pullback this afternoon to be minor. Assuming a strong close today, the market will be faced with the weekly unemployment claims tomorrow, factory orders and pending home sales. Any one of these could derail this rally but it is not the news but the market’s reaction to it that matters most.
INDEX IN FOCUS
DJ Transports
.TRAN 1 4268.21 (+ 145.58)
Today’s move has taken the Transports thru downtrend line resistance and its 50 and 200 day moving average. 4350, next target.
VOLATILITY INDEXES IN FOCUS
VIX and VXN
Their 200 day moving average s are just below at 23.43 and 24.20 respectively. These levels may hold if the S&P makes a run for 1100. Selective profit taking or hedging near 1100 should be considered.
COMMODITY IN THE NEWS
December Gold
GC/ZO1 1247.30 (-3.0)
Ran into trouble this morning at the May-June highs. Check with us for overwriting ideas in the gold stock names.
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"it is not the news but the market’s reaction to it that matters most."
Brilliant. Why can't I think up things like this to say?
It's not the kool-aid, its the drinkers reaction to it that matters most! ha, ha, ha
"I didn't kill him, the bullets and the fall killed him"
Oh how i love this site.
That kind of inspirational thought doesn't come easy my friend. Got to put in many years managing Other People's Money @ 2 and 20.
I think he must write Hallmark Cards in his spare time to make ends meet.
yah, idiotic. you get the feeling this guy can't say what he's really thinking, with a punt like that.
It's also not the non-news, but the reaction of the market to it, or lack thereof. y'know, cover all his bases.
How about an online poll... some consumer preference numbers - who wants this ridiculous commentary disinvited/expunged from ZH?
Yea (he goes) or nay (he stays)
Weekday at Bernanke's
I was unaware Leo had a brother.
I appreciate the Captain Obvious'ness of it.
RE: Roubini jab - Why does this guy come out of the woodwork on each rally day to convince us that the bulls are firmly in control. Any advice other than to "buy stuff"?
i guess one big up day is "a win for the bulls".
i thought that cheap shot was pretty funny too, especially after ONE good day and prior to any follow-through.
don't worry, elliot. rosie will always have a home here at zh, so you'll know exactly where to find him.
Is this guy interviewing for Pisani's chief sugarplum fairy job?
...he'll need it with the disappearance of retail investors
...he'll need it with the disappearance of retail investors
"buyers?" LOL. and who would they be. the guys buying the last 60 secs yesterday? ma and pa, right? investors? whatta a joke to hear these guys "explain" market moves
@NOTW777 That was "only" 175,000 spooz contracts. Don't forget the 300,000 more in the following 15 minutes after the cash close. Maybe Japanese housewives?
LOL. and tonight we will hear about "bargin hunters" and maybe back to school stock buyers. bloomberg will run trite headlines about americans cheering the obama iraq speech
Stifel who?
Buyers?
like the CDO's buyers at the end , buying up their own shit? just askin.
Go short at 3:59.59
Remember there is no Market, it's not the Market that bends it's you
i got stocks where the action is just weird. no buyers, lots of sellers, and the prices don't move......this is one broken market...
i got stocks where the action is just weird. no buyers, lots of sellers, and the prices don't move......this is one broken market...
i got stocks where the action is just weird. no buyers, lots of sellers, and the prices don't move......this is one broken market...
because if you look at the nyse declining volume it's -95% compared with yesterday's close
when you look at nasdaq it's -98%
gee tyler - its tough enough slogging thru all the unmitigated bullshit out there - you gotta track it in here too?
Who was short those 475,000 spoos contracts at the close yesterday, and why haven't we heard about the mother of all margin calls?
The FRBNY never gets margin calls.
What a prick wad that guy is. His commentary sucks, please don't post anymore of it. Reading it reminds me of watching CNBS which I don't do anymore......
What a prick wad that guy is. His commentary sucks, please don't post anymore of it. Reading it reminds me of watching CNBS which I don't do anymore......
What a prick wad that guy is. His commentary sucks, please don't post anymore of it. Reading it reminds me of watching CNBS which I don't do anymore......
Does this guy actually get paid for this?
one reasonable number, not great, reasonable number in 7 weeks and the guy is crowing? Please... B-grader, at a B-grade firm... There are some real idiots in the market
Yeah, broad chasing dr. doom...."where's your messiah nowwwww???" (Chief Wigman/Simpsons' bible episode).
I have a feeling Tiger and Dr. Doom will be sharing the women and the wine soon! lol....
Updated S&P500 charts:
http://stockmarket618.wordpress.com
as buyers and sellers battle it out?
super, far be it from me, but i didn't see any real buying today......two stocks i follow had plenty of sellers, very few buyers, half the volume of an average day.....and seemed to levitate......
as buyers and sellers battle it out?
super, far be it from me, but i didn't see any real buying today......two stocks i follow had plenty of sellers, very few buyers, half the volume of an average day.....and seemed to levitate......
magically
I know.. how do they do that? /sarc
What pisses me off is these guys think nobody is talking to each other.
There are no buyers and it keeps going up. Like nobody would notice that?
your blog blows, StuporCycle
if these guys want to pay 3.00 more today for cat than they did yesterday then let them it's their money but one thing is certain they aint selling it to me
lol
TOS sorted out their issues today - to bad a mid morning appt left me missing all the fun!
are we sitting tight with our AUD/JPY long? selling at four as usual?
are we sitting tight with our AUD/JPY long? selling at four as usual?
"Daddy, How can I lern to be a markit analist, so I can say smart things and have all the pepil lisen to me?"
Don't forget to do it mid-day after everything is already established and it's clear the Fed is buying the fuck out of everything in sight.
Considering this is only the 1st of September, those are some bold words.
Sold into nice bogus sht-covering, up $828.00 today fine by me. Everybody chasing everything, sold to the sheeple.
They are just pricing in hyperinflation.
As someone who refuses to drink one drop of the kool-aid that's being peddled, moves like today are very frustrating. Chalk it up to the "1st of the month, last month of the quarter, got to get in now" bullshit. Quite frankly, I hope it's just the HFT's and not government intervention (either directly or through Lloyd and Jamie). I've never been a conspiracy theorist and I don't want to become one now, but I have been a market junkie for over 25 years and I have never seen anything like the moves I've witnessed over the last 17 months. I don't know what it is, but it's not normal and it runs counterintuitive to everything you would expect.
Some of this move is a result of 401 K contributions on the first of the month. Those folks still stupid enough to still have their cash in stock funds , got their money dumped in the market for them today. If you look at the movers, there are only around 95 - 100 stocks participating in todays masturbatory pump.
At least that's the way I saw it. Am I wrong? If so, correct me.
They have a bear day list and a bull day list for guests, and Mrs. Smith brings cookies every Thursday and a man shines the brass on Wednesdays and...
Yes, you be wrong, 401K contributions are exceeded by redemptions, which proves this is shoit-covering, and why I sold into it, anyone who thinks buy and hold, which today is is luring, needs to be set straight. Email me, I'll show you how to make money, but you need about $50K, with my trades, sold $35K today into this euphoria. I do NOT use margin.
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