Intraday Update for Stocks #1
The finish to the regular session and overnight (what probably turns out as) dead cat bounce doesn’t inspire very short-term confidence in the S&P 500. Credit markets went through a steep risk-off turn, value got hammered, and tech didn’t rejoice either. The bulls look like pausing here as a very minimum for today – let’s take open long profits off the table (at market, which is 4,546).
Crude oil got hurt from the inventory build, but the $81 area held overnight, natural gas declined in sympathy while copper finally registered strong overnight upswing. The CRB Index is entering a brief consolidation (mistakenly spooked that perhaps the Fed would not only taper, but hint at something more soon), and the dollar is going again nowhere.
Thank you,
Monica Kingsley
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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