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09-Jul-08
Market Updates (9 Jul '08) - Are you bottoming today or just an oversold rally?
Market Outlook
Market Trend: Downtrend turning Reversal (Wait for confirmation today)
Strongest Sectors : Tech, BioTech, Defense related
Weakest Sectors : Commodities related
Looking at the action across all sectors yesterday, I can't help but maintain a bullish outlook for the next few weeks.
I am a chart believer and have been buying PUTs for the past few weeks but I am about to change my "direction". (that is option calls and outright stock buys)
SPY and SDS which is an absolute indicator for the stock market health make a significant reversal yesterday. Both formed a reversal candle with volume for conviction.
However, look at the chart of SPY , we can see there is 2 downtrend line obstructing.
Once these two trendlines are broken, we can safety say that prices
will go up and probably test the Mar highs in a couple of weeks.
Thats how fast the market can move nowadays.
Not only is this huge reversal action seem at SPY & SDS, we can see it at across every individual sector.
Its as if the BIG BOYs are getting itchy now with so much money on the
sidelines. They are the deciding factor on how this market moves and
they are not as fickle-minded as the broad based investors.
I have uploaded AAPL , one of my longs earlier to reflect on the market possible direction. Some of the highly traded Leaders in this market move in tandem with the broader market. We can use it to confirm on our sentiment.
So lets await today market action and I will decide on the appropiate action to take. As of now, I am looking at LONGs .
Best & worst performing sector ETF's in today's session
Sector Leaders:
Commercial Banks- KBE +8.1%, Homebuilders- XHB +7.75%, Regional Banks-
KRE +7.65%, RKH +6.75%, Real Estate- IYR +7.25%, Finance- XLF +6.05%,
IYF +5.9%, Transports- IYT +4.75%, Broker/Dealers- IAI +4.6%, Insurance
Brokers- KIE +4.05%
Sector Laggards:
Nat. Gas- UNG -4.65%, Oil- USO -4.25%, Commodities- DBC -3.85%, GSG
-3.45%, Base Metals- DBB -3.8%, Heating Oil- UHN -3.55%, Gasoline- UGA
-3.45%, Ag/Chem- MOO -2.3%, Steel- SLX -2.05%, Gold Miners- GDX -1.5%,
Energy- IYE -1.5%, XLE -1.35%
Posted at 01:32 in Market Report | Permalink | Comments () | Top
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