Stocks...
Spu’s...1919-22 is support and the closing downside pivot. 1968 will delineate the upper band today.
Nasd 100..a close under 4240 is needed for further downside. A close over 4315 is needed to think the downdrafts are at an end.
Nikkei…weakens under 17945
Bonds …
Bunds… will remain firm above 154.75.
30 Yr. Bonds…keep holding the 50 day on a continuation chart.
FX…
Leave the Dollar alone until next week.
Commodities…
OIL…would take a close under 43.00 to weaken. The top of the range is 47.00
Trade the range.
General Comments or Valuable Insight
There were many names yesterday that broke with the Indices. Notably they were mostly healthcare names like NBIX,GILD,UNH…the list goes on.
FB,TWTR & YELP, BBY seem to be bucking the Index price action with positive chart patterns.
Bulls need to find individual names they really love for a longer term view where they can manage their risk.
Long term investors buying dips should focus on Biotech & Heath care.
The market is still trading with bear characteristics….rally all day and then a late failure.
OIL...don’t listen to the talking heads! Every time Oil holds a descent low for a rip your face off rally the herd gets bullish. Treat it as a bigger time frame opportunistic two way trade.
I’d be looking for two separate capital flows again today with investor sentiment being measures after 2 P.M. today….We’ll see if there are any buyers late.
It’s time for Mortimer to turn off the screens recharge and reflect.
Wishing everyone a healthy,happy and sweet new year.
