Early Take
The early dip wasn’t as bad as the futures were indicating, and the big indices have now worked their way back to slightly positive territory, with the Russell up nearly 2 percent. A/D lines have turned positive, with the groups split – homebuilders, retail, disk drives, brokers, semis and banks lead the winners, while oil services, gold and silver stocks, steel and oil stocks lead the losers.
Long bonds are slightly lower, but that 3-month is back near zero at 0.01%. Energy prices are near flat, the dollar index is higher, gold and silver are near flat.
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I think Mac over at Chart Swing Trader pretty much sums up my views at this point – no mands land. Nothing seems to be sticking more than a day or two. I cant trade this market in its current state of confusion.
Comment by Randal — 12/3/2008 @ 10:17 am
Agreed. I’m not willing to try. I have to believe that even the day-traders, who love the volatility, have to be getting somewhat chewed up by the steady diet of morning gaps-up/gaps-down.
Comment by BMB — 12/3/2008 @ 10:29 am