Tuesday, June 23, 2009

State of the Market - 6/23/09

A slow and very boring day today on Wall Street, as stocks started higher, fell quickly, but then bounce back up to flat around lunchtime. This is where they stayed for the rest of the day, trading in a tight range from 12:00 until the close. Perhaps this slow trading is due to the Fed meeting, but whatever it is, there is no doubt days like today are best observed from far away. That's what I did. Volume was lower as can be expected.

There really isn't a whole lot to say right now - this is why I've been talking about patience for the past few days. Some of the stocks that have really been hit the past week or so - namely the commodities - did bounce back slightly today but from where I sit are still not in an area where they can be shorted. As I said last night, I am hoping for some window-dressing here over the next week or so. If that happens and these stocks get back up close to their short-term moving averages along with a bounce in the overall market too, I will likely load up on shorts. Right now, I am just waiting.

The weather is great here in Pittsburgh - if it's nice where you are, get out and enjoy it. Getting away from your computer and not watching this market for the next few days is probably a really good idea, at least from where I sit. Good luck and take care.

5 comments:

bmbull said...

Thanks but no thanks. 90s and near 100 degrees here in TX for more than two weeks straight and no end in sight. I'll stay in.

Mac said...

But I thought it was a "dry" heat. :-)

bmbull said...

I guess it ain't dry enough...

Anonymous said...

Good info. Thanks! (Sometimes my comments to you don't go through .. hope this works)

- Nergo

Lee said...

Better than cloudy and 68 in Seattle.....We never get the sun!!!!

Everyone I know not from here agrees with me 100%.


Window dressing shall occur Imo as well....