Thursday, July 9, 2009

Weird Day

More comments on the trading day today. I didn't do anything today. The financials never rolled over and in my post this morning I said that was the key to watch. With that said, I thought the action was very bearish. We may still bounce tomorrow, not sure but the market doesn't feel or look like it wants to go up. After we tried to go lower on heavy heavy volume, volume alomst completely disapeared in the afternoon as we drifted higher and then lower. Heavy buyers holding key levels but no buyers following the market higher. The dollar got POUNDED today. Down between 1% to 1.25% today. Normally that would have been very bullish for stocks. Not only did stocks not really respond, neither did oil. Oil was down most of the day even dropping below 60 before finally squeaking out a small gain. This was after being down 6 days in a row and while the dollar was getting slaughtered. Same with gold which was up less than 1%. Finally you have Alcoa which finished down 2.43% at $9.23. Yesterday at this time it was above $10 after reporting better than expected numbers. Obviously the "good" news was priced in. You have to wander what the means for other stocks who will be reporting earnings in the next few weeks.

Anyway, the trading was abnormal today and whether tomorrow or next week I thought was very bearish. On any bounce the market would have to hold 890 to 905 for the bears to maintain control.

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