Morning folks. futures indicating flat to sightly unlflat opening (if thats a word). we have some reports coming out today that people will be watching out for. the underlying action in the market has been a little crappy of late…Its seems we have gone bizarro from what was happening earlier when all weakness in the mornings were getting bought end of day. Now the play seems to be to sell everything in the 1st half hour and just buy it all back. Even as the market really only pulls back slightly the mess in many individual stocks has indicated further damage. I have a “goto” list of stocks that I always keep an eye on and a good chunk of them have brken below the 20dma. At this points its a bit hard to gather a huge “edge” in the market as many stocks are getting a bit loose and there doesnt seem to be a catalyst besides the “we’ll probably just go up 30 points a day”. which is fine by me..i can drip drip higher as ill just daytrade instead of swing. But be careful of holding too many positions overnight.
We are still holding strongly above the key levels of support and moving averages so the benefit still has to be to the bulls
Keep an eye on GLD as its pulling back to the 50dma. Could be a great bounce point or all the hedgies,fund guys who rode this all year cash out and take some profits heading into 2011 which could start a nasty little dip