Thursday, June 11, 2009

Market Talk

There's still 90 minutes to go before the close but we have our SPX break-out and commodity stocks are going bonkers. But we expected better action and volume for this break-out and can't help but to be disappointed.

A lot of tech is still red with GOOG AMZN BIDU BRCM SOHU all negative as we write this. What kind of break-out is this? Not to mention IYR has been negative all day, and GS has been going in and out of the red zone all day.

A low-volume commodity led rally without tech participating is not a healthy break-out.

A couple of things would get us more bullish: a strong close today, and most importantly, tech participating tomorrow.

But for now all we can say is Meh.