Excuse Me, I Was Snoring

You could have fallen asleep today at 9:00 a.m. this morning, woke up at 2:00 p.m. and not missed anything and the indices would have been at the same level.  I don’t remember a market where literally it was stuck almost all day.  I thought my bloomberg machine needed another quarter put in it or something.  The Dow Jones was down 110 points almost all day.  Finally, I saw Meredith Whitney on television talking bad about the fundamentals and the banks again.  For a while, nothing happened but then the selling started.  

The stock market didn’t collapse today but closed on the lows of the day as volume picked up.  All it took was some negative comments on a bearish analyst, and down we went.  The bulls may say it was a victory because we were “only” down 155 points and the volume overall was pretty low.  But, the internals were a little worse than what the mediocre day would indicate.  About 85% of the volume on the NYSE was down volume.  Financials led the way down with a 6% loss on the XLF.  

Outside of that, pretty boring day.  I guess this is what patience is all about.  

This post published at www.karleggerss.com

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2 Responses to “Excuse Me, I Was Snoring”

  1. 1 Tom May 12, 2009 at 6:57 pm

    Great show you have every day. What are your thoughts on JJC with all the moving averages coming together right now. Would you be a buyer if it breaks above the 200/d moving average. Thanks

    • 2 keggerss May 13, 2009 at 11:39 am

      I think JJC is breaking down and let’s watch the 50-day mov avg. Yes, if it breaks above 200-day mov avg, I’d be a buyer.

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