Brief Update and Comments – 11.16.11
Just a quick update on the activity. New subscribers welcome aboard! – DON’T FORGET ABOUT THE WEBINAR, THURSDAY AT 4:20PM est
What started out down then back up seemed to be a carbon copy day from Tuesday. However, some brutal selling hit the tape in the last hour any good support was knifed through viciously. I can’t begin to explain these markets with rational thinking.
Up or down, bull or bear we seem to dragged though the muck each and every day. This is exhausting, for sure. As my colleague at thestreet.com Jim DePorre will tell you, bear markets will ‘wear you out, no scare you out’. If any of you are not tired by now then you have more stamina than me!
In any event, we do have two more days left in the November expiration and we’ll work through it as best we can. Breadth was bad but had turned positive before the late day 20 handle nosedive. The VIX roared higher as did FAZ – we follow this one closely – banks seem to be up for the next beating.
The cause for the late move down was – surprise – EUROPE. Once that gets settled perhaps we can get back to normal markets. Oil rising 2.4% was notable today, first close over 100 in a few months.
Stocks on the radar: CAT, BA, DE, FIO, CMI, JCI
No new trades opened today. We should see some snapback here by the end of the week. Pay attention to the stream, ask me some questions there, too.
If you need more details than were provided in the alert let me know, email@example.com.
Have a great night, see you on the stream tomorrow!