The stock market under whelmed us today
The market did indeed close higher today yet we were under whelmed by the internals. The breadth on the NASDAQ was slightly positive but the NYSE was not exactly minty. Semiconductors led and key tell stocks such as Applied Materials (symbol: AMAT) and Hewlett Packard (symbol: HPQ) did noticeably well.
The Problem with this rally continues to be the poor internals that we have been harping on. While it is nice to see the Semi's showing leadership, it is necessary for the Small Caps to also do well. Today, Small Caps were M.I.A. Overall volume was light however, matched yesterday's volume. That is at least better than the old pattern of heavy volume on down days and lighter volume on up days.
One of our major concerns with today's rally is the overall lack of vigor that was exhibited. In fact, traders sold the market near the close on a huge volume spike. The stock market had some positive catalysts today specifically a sharp drop in Oil, solid bellwether technology earnings reports, and an oversold condition, yet was only able to muster this Dead-Cat bounce.
If You Held A Taser To Our Head: We would consider buying a dip in the morning with tight stops for a potential continuation of this Dead-cat bounce. Our target would be between 2165 and 2170 on the NASDAQ. For the most part we remain defensively positioned.
-Have A Good Night-
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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.
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The Problem with this rally continues to be the poor internals that we have been harping on. While it is nice to see the Semi's showing leadership, it is necessary for the Small Caps to also do well. Today, Small Caps were M.I.A. Overall volume was light however, matched yesterday's volume. That is at least better than the old pattern of heavy volume on down days and lighter volume on up days.
One of our major concerns with today's rally is the overall lack of vigor that was exhibited. In fact, traders sold the market near the close on a huge volume spike. The stock market had some positive catalysts today specifically a sharp drop in Oil, solid bellwether technology earnings reports, and an oversold condition, yet was only able to muster this Dead-Cat bounce.
If You Held A Taser To Our Head: We would consider buying a dip in the morning with tight stops for a potential continuation of this Dead-cat bounce. Our target would be between 2165 and 2170 on the NASDAQ. For the most part we remain defensively positioned.
-Have A Good Night-
___________________________________________________
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.
___________________________
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posted by Kleiner Capital Management, LLC. | 4:47 PM
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