BOTTOM LINE: The Portfolio is slightly lower into the final hour on losses in my Medical longs, Computer longs and Internet longs. I covered some of my (IWM)/(QQQQ) hedges and some of my (EEM) short and then added back (IWM)/(QQQQ) hedges today, thus leaving the Portfolio 75% net long. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is about average. Investor anxiety is very high. Today’s overall market action is mildly bullish. The VIX is falling 6.0% and is historically elevated at 74.43. The ISE Sentiment Index is low at 121.0 and the total put/call is above average at 1.08. Finally, the NYSE Arms has been running above average most of the day, hitting 2.32 at its intraday peak, and is currently .93. Nikkei futures indicate an +218 open in Japan and DAX futures indicate a -23 open in Germany tomorrow. I expect US stocks to trade mixed-to-lower into the close from current levels on more shorting, global growth worries and earnings concerns.
No comments:
Post a Comment