The Insightful Trader

Misdirection

by on Apr.28, 2009, under Market Commentary

Ok, I admit it. I don’t have a clue what’s going on at the moment in the market. Two days in a row now, we’ve been down strongly overnite and during the pre-market, but within 30 minutes of the market open, it’s like it never happened. Typically, we’d get some bounce from the pre-market selling, and then we’d see some downward pressure come back into the market. Hasn’t even been close. Though we ended slightly down on the day, this market is not in any hurry to roll over. Buyers seem to be lurking behind every corner.

Even though the market seems locked in a narrow 25 point trading range, there have been some nice moves for intraday traders in certain stocks. BIDU had wild day and DNDN had some extreme trades that brought out the exchange to review before saying trades were legit. Nothing like a 50% drop in a few minutes. Should be active  tonight if they get reopened. In after hours here PNRA getting hit for having expected earnings which weren’t bad, but disappointing enough for it to be down about 10% as I write. Of course it’s had a spectacular run since November. For other non news stocks we’ve had just enough to pullback to relieve most the overbought indicators on the indices in general.

Techs, which have been the flavor of the day lately, had a pullback today led by BRCM and MSFT. Ag stocks were basically flat while solar and energy stocks were down slightly. The financial stocks were down slightly with the BKX down about 3%. In other markets, gold got smacked for about $14 or 1.5% to close at 894ish, it too in the middle of its recent trading range, while silver got hit for nearly 4%. The dollar continued showing some strength.

Now seems to be a good time to keep your head down unless you’re extremely nimble, until we see some direction. nasi-28apr09

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