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| 2010-03-08 01:22 |
SLOW DAY
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I'm a
little surprised the market is so indecisive today. I realize the Street wasn't going to be pumped up about another jobs report that showed job losses
but I was looking for a shift in the fear factor from concern overtaking losses to concern over missing gains. It's still early, and that could
happen. There are big-time resistance points for the major indices to contend with as well. As we approach the one year anniversary of the low point
in the market last year, there could be savior, guilt, or melancholy, too. Unfortunately, periods of calm are all too brief and all too dangerous.
Today, technology hints at making a meaningful move although the biggest names look to take a break and regain momentum. The NASDAQ composite
is at a very pivotal resistance point; as it gets through this level up to 2,400 I think it will create a sense of urgency. At the very least we could
see some short covering.
Overall it feels
like traders stayed up late last night to catch the Oscars. I'm not sure why as I don't think there were any surprises. For what it's worth I like
"Brothers" much more than "The Hurt Locker."
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
