You've got a lot of factors lifting stocks today, ... You've got all the tech upgrades, money flowing out of gold, oil and the bond market, and the ISM this morning was all-in-all pretty good.
Of the earnings this week, I'll be looking at GE, ... They're so broad-based in their business that what they have to say is going to be important.
You have a lot of things going on. The Dow Transportation average is putting a real damper on things, and Maytag's warning is hurting retailers, ... Talk of a delay for any potential conflict, let alone 45 days, is not helping stocks as it just increases the uncertainty.
This is impressive, but the caveat is that this is the day after a holiday and not many people are in, ... You also have certain key sectors, like chips and the insurers, not participating. I think you need to see a few more days of this to determine whether today is a head fake or not.
The fact that people are selling stocks like eBay, Caterpillar, IBM and GE very quickly of late tells you that the upside [for the broader market] right now is limited.
You've got the Dow transports crushed, gold is up, the insurers are down and the high techs are really tanking.
I think traders are quick to take profits right now, because what else is there that stocks can do for an encore in the short term? ... We're still in an uptrend, but the probability right now, from a technical standpoint, is that we're going to have a little more selling.
Right now it looks pretty benign, with people selling a little after the retail sales numbers, ... Long-term I'm bullish, but I'm getting concerned in the short-term as to what is going to sustain the psychology if the economy doesn't start to show more of a pick-up.
I took one too many LSD trips. And that puts me in the Care and Attention category.
Copyright © 2024 Electric Goat Media. All Rights Reserved.