If we can get this swing to break down....... this is the swing that "Plays with" my First sell signal...
Umn.....it doesn't mean we can't go higher.... we umn... what this feels like to me is just swing traders skrewing around with the market..... with little flow into the market...
but it's not like they are jumping out either...
Tuesday, June 9, 2009
second lowest volume on the spy... since december
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Today was untradable. Don't look now, but QQQQ up 24% YTD. Is it fair to say that tech is leading?
Metals and mining are up 47% off the lows... Sure that isn't leading?
there is so much stuff in the naz... but if something is going to lead from there it's the SMH
Answering a question with a question, eh Socrates?
Weak dollar = "Strong" commodities.
But tech is at least holding it's value against the "strong" commodities. Don't call it "leading", but on any time frame, QQQQ, SWH, HHH, SMH have all outperformed the broader indices.
If the dollar strengthens, then oil, base metals, ag will weaken (relative to the dollar). Would tech necessarily?
it's just momentum....
I've read the suppositions that "now tech will lead"... I'm just skeptical... Not that you would hear it on cnbc... but there is some grim shit going on... Chinese PPI was up 10%. There is no consumer demand for anything.
and... watch the IWM... small cap stocks represent "Small business", and that is the Heart of the US Market/Economy...
It may not be that tech will lead, but more that we will have some kind of "robust" recovery... and the idea that Twitter will lead the recovery..
I'm skeptical of everything.
Alpha and beta. Balance.
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