The market acted better yesterday, but its still digesting and consolidating gains. We were down Monday, up Tuesday, down Wednesday, up yesterday and we are lower hard at the open. Hardly a one way market, but it does show flashes of brilliance. This is a market that cant figure itself out right now. Actually the best performing ETF for January are utilities. How’s that for risk on?
$FB is on fire, $GOOG is the new $AAPL and various biotech stocks are popping all over the place. I’ m glad this week is over today. Way to bipolar, but a good trading tape if you were lucky enough to catch a few things right. Otherwise it was all landmines.
The great rationalizers are using emerging markets and China to sell off what was an overbought market. It will all be fine and all the names that went up before will go up again (for the most part).
This market may chop your face off though until it can dig in and find a tradeable bottom that you can trust.
For the 10% correction crowd, the $SPX 200 day moving is around 1700.
$CYTR announced a secondary after the close last night. Bastards.