Please enable javascript in your browser to view this site!

Holiday "Churning" greets US indices as prices largely unchanged for last 9 days

gm- Very little overall price action now over the last 6 trading days, a source of frustration perhaps for Bulls and bears alike, the much anticipated DJIA 20k remains 13 points away from Tuesday's highs, and US equity indices have largely served to consolidate gains in the last week after a strong runup from late Nov-  Little volatility out of FX and just minor losses in the global bond market with yields pushing up just fractionally-  Most of the so-called "January effect" looks to have occurred in late November following the election as Russell has gone literally nowhere vs SPX in recent days, and sideways most of December.  Key to note for this am:  XLV- Healthcare turned down to multi-day lows and is a source of weakness for the next 3-5 days , so it looks like this group will finish the year as the worst performing sector, thanks largely to Biotech.  Also, a few signs of near-term exhaustion on DAILY charts of US Indices along with DXY, TY, but NOT on weekly charts just yet, so most expecting a final push up which might help these line up more closely and provide Counter-trend sells into January for Equities.  GDP data came in a bit better then expected, but most Eco data largely in line today, not statistically significant-  For today.  Advancing stocks include GSAT, XOMA, MU (+11.8%), ALBO, and EYES, while on the downside- RHT (-12%) BBBY (-3.4%) and CAMP, OVAS also lower-   Trend will remain positive unless 2242 breached.  First support for this am- 2255, and under leads to 2242-3- On the upside- 2265-6, then 2272-  Happy holidays to everyone

S&P churning largely hasn't resulted in any net weakness, and prices are at similar levels as they were 9 days ago.  The odds still favor a late year push, despite the grinding of late