The Futures are down this morning due to North Korean Military exercises/action over night. So we will test yesterday's lows but we do have GDP at 830 am and that may effect how we open.
As for yesterday early optimism surrounding the announcement that Ireland will accept assistance from the EU/IMF in order to help prop up the banks the government supported during the Credit Crisis faded before the session. European markets turned lower and dragged U.S. stock futures down with them.
The week began with a volatile session which opened under pressure and quickly moved down seven points in the opening moments. But buyers quickly drove the SPX sharply higher and the high of the day was painted on the chart around 10am almost at breakeven. Then we went sideways for twenty minutes, then index gave back the seven points within minutes before stabilizing in a narrow zone for two hours. Halfway through the lunch the index was hammered for a seven point loss in a few minutes. some computer probably got turned on. The rest of the session was a pretty steady climb back to close near the highs of the day.
In the SPX Index there were 255 Advancers/228 Decliners. On the NYSE 3,136 issues were traded with 1,527 advancing issues and 1,500 retreating issues, a ratio of 1.02 to one advancing. There were 113 new highs and 20 new lows. The five day moving average of New Highs is 98 while the five day moving average of New Lows is 42 and the ten day moving average of Net Advancing is -291. The Net Advancing data indicates a bearish trend.
Declining volume was higher at a ratio of 1.51 to one. The closing TRIN was 1.54 and the final tick was -100. The NYSE Composite Index lost -0.4% today while the SPX lost -0.16%.
For the NYSE, relative to the previous 30 session average, volume was -14.06% below the average. Of the last 15 sessions 8 sessions ended with volume greater than the previous rolling 30 day average volume. Of the last 30 sessions, 21 sessions ended on a positive tick, 5 of last 10. For the SPX, the day's volume was 83.1% of the average daily volume for the last year. Volume was 90.8% of the last 10 day average and 103.8% of the previous day’s volume.
Breadth was weak but positive on the NYSE while declining volume was greater than advancing volume. The broad NYSE Composite Index slightly outperformed the SPX yet we closed with a negative final tick. Mixed signals abound.
Total tick for the day was 122,000 and the average tick for the day was 79. There were 144 ticks greater than 600 and 92 ticks more extreme than -600. There were 5 ticks greater than 1000 and 8 ticks more extreme than -1000.
Intraday volume clearly spiked on the down moves and tailed off on the up moves today. The nightly breadth indicators simply didn’t move much today.
Declining volume was higher at a ratio of 1.51 to one. The closing TRIN was 1.54 and the final tick was -100. The NYSE Composite Index lost -0.4% today while the SPX lost -0.16%.
For the NYSE, relative to the previous 30 session average, volume was -14.06% below the average. Of the last 15 sessions 8 sessions ended with volume greater than the previous rolling 30 day average volume. Of the last 30 sessions, 21 sessions ended on a positive tick, 5 of last 10. For the SPX, the day's volume was 83.1% of the average daily volume for the last year. Volume was 90.8% of the last 10 day average and 103.8% of the previous day’s volume.
Breadth was weak but positive on the NYSE while declining volume was greater than advancing volume. The broad NYSE Composite Index slightly outperformed the SPX yet we closed with a negative final tick. Mixed signals abound.
Total tick for the day was 122,000 and the average tick for the day was 79. There were 144 ticks greater than 600 and 92 ticks more extreme than -600. There were 5 ticks greater than 1000 and 8 ticks more extreme than -1000.
Intraday volume clearly spiked on the down moves and tailed off on the up moves today. The nightly breadth indicators simply didn’t move much today.
Precious metals, other materials were strong, as was Tech. Energy and Financials kept the SPX in the red today.
As i mentioned yesterday its a holiday shortened week, expect low volume and sideways to up action, NEWS is king as we see this am.
Gold and Silver should do well this week with Gold getting up over 1365 this am. I like seeing the dollar up and Gold up at the same time.
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