Friday, January 29, 2010

01.29.10 - Sell the News... Again?

A strong GDP just wasn't enough to forestall a gap close on this morning's move higher. Internals are running sideways right now and we seem to be holding at the S&P's prior close for now. Are traders perhaps taking pause to consider:
  1. The Fed beginning to turn off its supportive facilities next week?
  2. The rise of the dollar?
  3. 'Non-perfect' earnings reports on this high GDP reading?
  4. On-going sovereign rating concerns?
  5. On-going domestic political unease?
  6. Job creation remaining on the rocks?
  7. The sudden turn in price momentum?
The charts just look awful, particularly the QQQQ's. Can the change-of-month effect at least provide markets with an overdue bounce after the sell?

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