Sunday, June 14, 2009
The Week Ahead
Friday there were crickets. Slowest trading day of the year with around 850 million shares traded on the NYSE. To put that into context that was only slightly more than the shortened trading days around the Christmas holidays. The market continues not to be able to have a sustained break above 950. Everything seems overdone but that has been the case for several weeks now. I continue to just watch. Until sellers step in or the invisible hand in the futures market disappears there doesn't seem to be much to do. There are some stocks that are back in bubble territory (hello Amazon on Palm) but they just keep going up. Trend following isn't my game. This week there will be some big data points such as CPI, home data, and industrial output data. For the last several months the data really hasn't meant anything, just the markets mood when the data came out.