Any comments on today's price action?

R

reno4nook

What in the world happened today??

The Dow, S&P, Financials all slammed DOWN hard....!! and yet the Russell, Semis and Nasdaq UP slightly!?!

:confused:

Was it the Last day of the month window dressing?

Was it Wash sale rule selling?

Were Interest rate sensitive stocks dumped while others not??

Is there even one most excellent, worthy and enlightened market master who can solve this great forbidding mystery??
 
A 50% retracement level in the SPX is coming up at 1248.52 and should easily be tested tomorrow.
This is a retracement of the move from Nov. 15th to Nov. 23rd.

Should that level fail, look for the 1243.30 - 1242.70 area to buy back in for yet another push back up to the highs next week.
 
My question is...

If today's drop was because of foreign money being pulled out of the market, then why the disparity between the Semis and the S&P500??

S&P - .67%

Semis + .78%

I would expect both indicators to go down hard if this was the start of a correction.

But the Russell 2000, Nasdaq and Semis all went up today.
 
Quote from reno4nook:

My question is...

If today's drop was because of foreign money being pulled out of the market, then why the disparity between the Semis and the S&P500??

S&P - .67%

Semis + .78%

I would expect both indicators to go down hard if this was the start of a correction.

But the Russell 2000, Nasdaq and Semis all went up today.
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SOX and DOW are price-weighted. S&P is base weighted. So in the smaller price weighted averages one or two issues can have a big effect on the average.

And I thought the drop today was mostly beige-book info related.
 
Quote from MacroEvent:

sell the profitable runners and buy the value and defensive issues as the foreigners pulled money out of our markets again today {three days now}.


http://www.elitetrader.com/vb/showthread.php?threadid=59748
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Exactly. And this is my big fear for the US markets which through September had produced a big fat zero. October brought the welcome suggestion that the US time had come. Disappoint this international crowd and nobody putting money here gets paid this year.

Sideaways or down = death. <1250 <11K not acceptable for long. This ES close today was terrible imo if these levels persist long.

Buy or die I say.


Geo.
 
AAAAAAAAAAAHHHHHHHHHHHHHH, the mysteries of the mkt.

Why even care what the reason was?

There is though a "REASON" why the news reporters give you a reason why the mkt did this or did that. That reason is because the public "WANTS" a reason. They need to be informed, they need to have a reason for everything. Do the reporters really know what the reason was? Heck No...they are as much in the dark as the public, but their job is to feed the public what they want.

Here is what happened today in my opinion, and i never took journalism in college: as a local flip news reporter....

"good evening folks, I am Joe Cool, your local stud reporter, the mkt went up today early and sucked in a lot of pie-eyed utopia seekers. When the fat cats at the stock exchanges and the CBOT, called the Chicago Board of Thieves, took in all the money they could today they saw the BULL was not being fed so they slammed the snot out of the mkt later in the day. The cause was a complete surprise to the NYSE wizards who flatly stated that what happened today has happened and tomorrow the Bull should be back with a vengeance, so mortgage the castle, the kids future and education and try again tomorrow. The stars are lining up for another run at utopia.......:D:) :) :)
 
I believe that:
- all that good stuff calls for an interest rate belt tightening (although that should have been even more pronounced yesterday, with the new homes sales number)
- everyone is happily long, which results in that there are no more buyers around to push the high levels higher
 
Quote from reno4nook:

What in the world happened today??

The Dow, S&P, Financials all slammed DOWN hard....!! and yet the Russell, Semis and Nasdaq UP slightly!?!

:confused:

Was it the Last day of the month window dressing?

Was it Wash sale rule selling?

Were Interest rate sensitive stocks dumped while others not??

Is there even one most excellent, worthy and enlightened market master who can solve this great forbidding mystery??
More...
The slide down will continue tommorrow.The Dow, Naz, S&P all heading further south tommorrow. Don't know the reason why but that is what they will do tommorrow. Lower lows on all three.
 
One reason we should see a down tomorrow is the ACTUAL announcement of how bad november auto sales really were! After tomorrow, I think some of the patient longs will take their losses on the big two auto manufacturers and shift that money into more profitable opportunities. Maybe the big guys will pull a rabbit out of the hat and post a smaller sales decrease yoy...but I just don't think they've got it this time!


Aside from that, I think a lot of the market is already long based on past performance.


Quote from pinabetal:

The slide down will continue tommorrow.The Dow, Naz, S&P all heading further south tommorrow. Don't know the reason why but that is what they will do tommorrow. Lower lows on all three.
More...
 
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