AN Up day? A flat day? WIth only 40% UP volume? With 380 NEW LOWS and only 17 NEW HIGHS. THat is a 22 to 1 ratio! Does that sound like market strength? Does such a lopsided day sound like it should end with NO CHANGE in DOW? Do you think its possible the DOW and SPX are being targeted by the Green team? PPT
Who know really, but with those stats you would think trple digit losses. Bonds are getting oversold, but just on the daily, not weekly. So a mild correction is in the works I think with a nice round number 4.5% probably the high for this move, so watch todays high if broken.
EXPORT PRICES EX OIL were up 1.2% for an annualized 14.4% JUMP, now THAT'S INFLATIONARY!
I had suggested (though most disagreed) that not only was oil in for a correction along with other commodities, but it would fall because the high prices would cause CONSUMPTION to FALL!
http://briefing.com/Silver/Calendars/EconomicCalendar.htm Last month crude oil inventories fell by-246K, but this month they popped to PLUS 1017K yowza.......
30-50% higher winter fuel costs are already locked in however, so falling prices should not help winter heating much.
Coal shares like FDG MEE are now correcting along with oil shares.
Transports fell another 1% today and ducked under their Sept lows. VIX hit 17 today before falling back a bearish trend.
AFter blowing through its Aug lows, RUT oversold. Overall market has been blitzed, and do for breather, let's see what Bulls can do.
The internals of market are MUCH weaker than the action shows, beauty is truely only skin deep.
PS: MY 2 bond tracking portfolio's were killed today going deep red and for the first time with heavy volume as investors flee safety.....or so they thought
Duratek......I feel IMHO any strength should be sold.
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