Flat as a pancake
The NASDAQ and DOW were essentially flat on the day. In fact so were the Small Cap index and the Semiconductors. Breadth was ever so slightly positive but the volume was close to the lightest levels of the year. Merck (symbol: MRK) was the biggest story of the day losing almost 8% from a negative court decision.
There is truly very little that can be concluded from today's action. Options expiration skews the market by creating artificial pinning action in stocks. This combined with the effects of an August Friday left traders contemplating Viagra instead of Vioxx…No?
Our concern is that the stock market is stuck in this downtrend for perhaps the next couple of weeks. The summer doldrums are likely to prolong a steady, dreary, drift to the downside. It will take some unexpected fundamental news to shake things up a bit which would be a possible setup for a more playable relief rally.
If You Held A Taser To Our Head: We would expect a likely fundamental event described above would be of the slippery kind. Oil found support around the $63 to $65 level that we have been speaking about and is looking to gain a $7 handle. We are looking for a "drop and pop" in the NASDAQ from this type of "Crude" event.
We'll be back to our normal posting schedule on Monday.
-Have a nice weekend- ___________________________________________________
The analysis, opinions and/or forecasts expressed on the Kcap Trading Blog (âKTBâ) 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 (âKCAPâ) 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 firmâs 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.
___________________________
There is truly very little that can be concluded from today's action. Options expiration skews the market by creating artificial pinning action in stocks. This combined with the effects of an August Friday left traders contemplating Viagra instead of Vioxx…No?
Our concern is that the stock market is stuck in this downtrend for perhaps the next couple of weeks. The summer doldrums are likely to prolong a steady, dreary, drift to the downside. It will take some unexpected fundamental news to shake things up a bit which would be a possible setup for a more playable relief rally.
If You Held A Taser To Our Head: We would expect a likely fundamental event described above would be of the slippery kind. Oil found support around the $63 to $65 level that we have been speaking about and is looking to gain a $7 handle. We are looking for a "drop and pop" in the NASDAQ from this type of "Crude" event.
We'll be back to our normal posting schedule on Monday.
-Have a nice weekend- ___________________________________________________
The analysis, opinions and/or forecasts expressed on the Kcap Trading Blog (âKTBâ) 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 (âKCAPâ) 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 firmâs 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
posted by Kleiner Capital Management, LLC. | 5:03 PM
<< Home