Dripping into the market..."Literally"!

So I'm sitting at my desk looking at the market, when James says to me, "You're being dripped on". I look up and notice water dripping down from my ceiling and walls thanks to the dentist above us putting in more spit sinks. I don't want to bore you with what happened over the last hour since then, but I will say it gives a new meaning to slowly dripping into the market.

Anyway, back to mister market. The NASDAQ has slowly been fading since the Chicago PMI report which was much better than expectations. Consumer sentiment was basically inline. The sell the news reaction is finally starting to show up a little more as of late. The Semi's and Small Caps seem to be holding up inline with the overall market. WFMI and IM which were key tells from our earlier post are holding near the high of their intraday trading range.

Overall if the market can base around these levels through the lunch hour we would expect the dip buyers to make an appearance. We are nibbling on WFMI and IM at these levels. A sharper cliff would compel us to put more money to work on the long side on stocks who have already released positive earnings reports such as ERTS, MSFT, and INTC.

Oil continues to close in on the $62 price point. We would expect slight profit taking in that commodity by 2:30. While we think oil will eventually go above $62 however, a small consolidation appears necessary first.

___________________________________________________
The analysis, opinions and/or forecasts expressed on the Kcap Trading Blog (“KTB”) are for informational purposes only and should not be relied upon in making investment decisions. By using this site you agree that Kleiner Capital Management, LLC (“KCAP”) and its principals are not liable for any action you take or any decision you make in reliance on any content. Please be aware that there is no commitment by KCAP to update the KTB. Furthermore, there may be inconsistent timing and follow up (if any) of posts.
None of the information on KTB is considered individualized investment advice and should not be construed as a recommendation or solicitation to purchase any securities. Reliance on information provided on KTB in no way establishes an advisor-client relationship. Investors are encouraged to seek the advice of a qualified investment professional prior to investing funds.
Clients of KCAP, as well as the firm’s principals and other employees, may be invested in securities discussed at KTB. However, any mention of said securities is not intended to influence market conditions for the security to the benefit of KCAP clients and/or principals and employees. KCAP is not affiliated with any advertisers on this site and does not endorse any of their content. For additional information and disclosures, please visit www.kleinercapital.com.
The information on KTB has been furnished from sources we consider to be reliable, but no guarantee is made with respect to accuracy.
___________________________

Click Here To E-mail Comments