Tuesday, June 2, 2009

State of the Market - 6/2/09

Once again, I was away from my desk for almost the entire session so this post will be a little short. Today looks like it was a slow day based on volume, as stocks had slight gains but on volume lower than yesterday. You can't expect the market to rise 2% everyday, so a day like today is just fine. The bulls showed strength by not giving any of yesterday's breakout back, and they remain completely in control. The only thing I would watch here is that just like with individual stocks, you don't want to see the indices making new highs on low volume, especially volume below average. Keep an eye on this, particularly on the S&P, where volume was below average yesterday on the breakout - not good.

My watchlist from last night didn't do a whole lot today - OCLS was a risky stock I highlighted and that was up 22% today, so hopefully a few of you out there kept it on your radar. TAM put in a nice move today, as did some of the shippers like TBSI and FREE. Others just rested quietly (BRCD, SMRT, and WX). I still want to see more quality stocks and charts come into my watchlists over the next week or so in order for me to have total confidence that we are starting a big move higher in the overall market. We could be, but I am having trouble getting over my doubt.

I don't know if I will be back later with any charts - game 3 is tonight for my Pens - but if I find anything interesting in my scans, I'll see what I can do. Take care and good luck Wednesday.

4 comments:

Anonymous said...

I will be watching the game as well, the pens played well the first two games, and if Fluery can play better, we may just have a series, if not I don't think Malkin and Crosby can pull it off without goaltending.

Good luck Pens,


Elio

Anonymous said...

Enjoyed the third period, Don't know the official could but the pens outshot the wings by a wide margin as they did on the score sheet. The last 5 minutes was great to watch.

Excited to see the next game....go pens

As for the market, I have been going in slowly and with small positions. I get out quickly when a profit presents itsself, and out quicker when it goes against me.

Although the market keeps on going up there is something in this rally I do not trust and I will continue to invest small positions and get out quickly.


Elio

Mac said...

It's been a weird series - I think the team that has played better has lost every game so far. Pens only had 11 shots going into the 3rd period - not good. Pens got some favorable calls but we'll take it - there were some that went Detroit's way in games 1 and 2. Now they just have to win Thursday - if they don't, the series is over IMO.

swingtrader said...

I heard a stat on ESPN radio yesterday that said the Red Wings had only lost once in Stanley Cup road games since 1995. Last night was twice. Great game.

I'm a Canes fan but am rooting for the Pens because they deserve it after the way they swept us. I'd like to see Crosby get his first Cup too.