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Profit Taking Sets In
Posted on 09/06/2006 00:00 AM | Link | Post Comment
The market is under pressure this morning, most likely due to profit taking given the run that we have had. The Nasdaq has been up in 7 of the last 8 days.
Bond yields are moving higher on a report that wage inflation rose a bit (unit labor costs). But at 4.83%, the 10-year is still well below the fed funds rate, and still below the T-bill rate as well.
The semis are down -1.7% so far, but biotechs, homebuilders, and energy stocks are down just as much.
The volatility indexes and put/call ratios are rising, which could put a bid under the market. But the market is also short-term overbought, so some consolidation would be healthy.
I, for one, have raised quite a bit of cash taking profits and would welcome a pullback to put money back to work at lower prices.
Bond yields are moving higher on a report that wage inflation rose a bit (unit labor costs). But at 4.83%, the 10-year is still well below the fed funds rate, and still below the T-bill rate as well.
The semis are down -1.7% so far, but biotechs, homebuilders, and energy stocks are down just as much.
The volatility indexes and put/call ratios are rising, which could put a bid under the market. But the market is also short-term overbought, so some consolidation would be healthy.
I, for one, have raised quite a bit of cash taking profits and would welcome a pullback to put money back to work at lower prices.
- Will The Streak End At 8?
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- Midday Check
Examples
Morpheus Trading - Mon Jul 21, 2008 08:33AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
Morpheus Trading - Mon Jul 21, 2008 08:31AM
NOTE: Please click on the charts below to enlarge them i [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
Millionaire Now! by Larry Nusbaum - Tue Jul 22, 2008 09:23AM
Hedge funds have made billions this year shorting the banks, [read more]
Hedge funds have made billions this year shorting the banks, [read more]
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