Indices are doing their usual jitter dance as Fed keeps buying $85 billion bonds on a monthly basis.
S&P 500 @ 1645.54
Internals are negative
Oil UP 17 cents
Gold UP $1.60
Canadian $ Down 26 tick @ 97.65
VIX Down 5.18% @ 15.75
Portfolio EBAY KOG BBRY AUY
Most stocks are down
@ 2.34 following are green :
EBAY KOG LNKD TSLA NFLX PANW KORS
GOOG EXPE PCLN FB TZA HMC CF MA
GMCR LRCX SPLK MON NVDA SBUX
AEM MS FCX....
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Before this post came up I commented on the old one. I said I bought TOL @ 33.508 (was actually 33.509, was typing quickly) on the extreme high-end housing shortage.
Interesting the $VIX is remaining lower on the day...
Stocktrader
Hi Stocktrader,
Good luck with TOL...no mansion available in NYC area......
VIX coming back FAST...
Saleem
Hey Saleem,
Wow, yes! Lots of volatility.
I thought it was a brilliant snag of TOL so low after it bounced $0.50 in <10 minutes but it came all the way back down again.
Overall, I am happy with Bernanke's transparency today on the exit plans. The market, however, seems to be keying on the bond yields versus the actual message. That's fine though, it allows people who actually want to buy stocks instead of generic market trades to buy at nice levels.
Stocktrader
Hi Stocktrader,
Ben Bernanke has no choice but to taper.....but that is not the message traders were looking for.....10 yr jumped to 2.32% but currently @ 2.28%
We are not @ depth of recession to give 100% support...need to reduce Bond buying....
Saleem
Hey Saleem,
Of course we need to taper.
I think Bernanke's explanation about starting later this year and finishing mid next year as well as the disclosure that MBS holdings won't be sold are all good things in terms of actual plan and also transparency about the plan. Additionally, he continues to talk about flexibility based on data.
I'm not sure what else I would have wanted to hear. I think it's a perfect scenario. I guess the price action just tells us the market continues its digestion of the necessary taper. This will be a process...
Stocktrader
Post a Comment