Mid Day Trading Update – All Time Highs
S&P and the DOW hit fresh all time highs during today's trading session thus far putting most sectors in the green despite the weakness felt yesterday off that ISM number. Although the bulls are clearly in control of the indexes, we're still not seeing the aggressive buyers climb into equities that one would expect to see. The Financial sector, for example, remains very subdued and is not participating in this bull run up to these all time highs.
The Precious Metals are taking a beating today, gaping lower and continuing down off the strength in the equities markets. This trend could continue and push both the Treasuries and metals a lot lower.
Some of the Chinese Internet names are putting in solid moves higher today with SINA (NASDAQ: SINA) at the head of the pack. You must consider, however, that the whole sector has gotten beaten down quite badly despite the relative strength in the markets. Complications with some of the Asian markets may be one of the factors that caused this sector some trouble.
Intraday traders are having a tough time pulling out consistent gains in this type of environment where the DOW is up and down 100 points throughout the week. This dynamic makes it very difficult to hold names overnight without getting that follow through necessary to sell your options for a profit. Again we recommend cutting down your timeframes and not getting too heavy in your positions.
Stay tuned for more updates!
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