Indeed. That's the way it usually is: The news flow is mixed, some good, some bad, some days better than others. The market reaction to the news of the day is often pretty weakly correlated, or seems so.
IMO, that's not the sort of news that spurs the market into 2+ percent trend days. The market was simply ready to rally, or rather continue the rally from last week.
If it gives you all any solace, massive amounts of money coming out of the Ishares SPX Fund, QQQQ and IWM. Look at the block trades down. But I'm not sure that's shorting going on, versus profit taking. If you look at the buying in on weakness, not much money flowing into the short funds.
The market imbalance has shifted from sellers to buyers is all. It happened last year when the news was just as lousy or worse. Can't say how long it will last, but if you're going to trade on technicals, the news is secondary, often seemingly irrelevant.
i wish would rally another 100 pts today and get this over with.
Indeed. That's the way it usually is: The news flow is mixed, some good, some bad, some days better than others. The market reaction to the news of the day is often pretty weakly correlated, or seems so.
I agree because at the same time Best Buy misses earnings both on Revenues and EPS and German Confidence was lower.
The $VIX is more tail than dog, imo, though it has shown a willingness to bounce when it crashes its lower Bollinger band, now at 24.70.
IMO, that's not the sort of news that spurs the market into 2+ percent trend days. The market was simply ready to rally, or rather continue the rally from last week.
IF that is from the WSJ site it is often wrong.
Dow jones is moving towards resistance around 10400
http://niftychartsandpatterns.blogspot.com/2010…
News is driving today. IDC call on Computer sales and Boeing's uping thier guidance. This is not a short squeeze….yet.
If it gives you all any solace, massive amounts of money coming out of the Ishares SPX Fund, QQQQ and IWM. Look at the block trades down. But I'm not sure that's shorting going on, versus profit taking. If you look at the buying in on weakness, not much money flowing into the short funds.
The market imbalance has shifted from sellers to buyers is all. It happened last year when the news was just as lousy or worse. Can't say how long it will last, but if you're going to trade on technicals, the news is secondary, often seemingly irrelevant.