Friday, September 12, 2008

09.12.08 - Marching Ahead

Its nice to see the general market march ahead even with some Financials weakness (XLF -1.7%) and Commodities strength (DBC +0.7%). All looks fairly positive, though the trend has flattened and the VIX is rising. Of course I'd really like to see Financials and Semi's catch a bid though.

Price is bumping up against the downward channel off the tops mentioned yesterday... can it break through? Are the hedgies done with selling all things Material/ Commodity while crushing their winners (read Tech) to meet margin? "Feels" like a bottoming over the last few days, but too early to say. Next week brings the Fed meeting and options expiration.

9:50AM - Whoopsie, careful... VWAP test occurring on a big VIX spike, don't know what's driving it yet.

Timely Reading:

o CXO/ Bank Failures and Stock Returns
o Traderfeed/ Untold Story of US Banks

WM - What a joke, I was just thinking they were next this morning... guess I should have bought. Not.

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