The market, I believe, is being influenced by the international currency problems and asia problems. The markets are near all-time highs with a stream of bad news likely. I'm actually surprised this market isn't selling off more. The market, however, does seem slowly headed in the right direction.
I read the following, which convinced me to short the 2nd s&p. This could really weigh on the market as it digests the implications. If this market didn't have so much cash, we'd be way down- I think.
I'm short two dec s&p futures again. One @ 967.10 and 968.10 when the markets didn't seem to want to go up and then IBM sold off 3/8 very quickly.
Also, more bad currency news on JP Morgan. This should drag the market down. I wouldn't be surprised to see the Dow drop at least another 100 pts today, but, again, who knows?
<<NEW YORK, Dec 10 (Reuters) - Stocks fell again Wednesday as J.P. Morgan & Co. said its earnings have been hurt by the financial turmoil in Asia, deepening investor fears about the impact on U.S. corporate profits . . .
"It's taken the wind out of the market's sails, but it's not just about J.P.Morgan," said Robert Froehlich, chief investment strategist at Kemper Funds.
"It redefines that we don't know where the leadership is going to come from in the stock markets."
J.P.Morgan's comments triggered more selling in technology stocks and other shares battered recently by the Asian woes.
Morgan said its fourth quarter earnings so far have been adversely affected by "unsettled" markets, a reference to the financial turmoil in Asia. Its stock fell 3-7/16 to 119-7/16.
Technology stocks got hammered for the second straight day. They fell Tuesday after software giant Oracle Corp. said Asia's problems had dented sales.
With tech stocks now seen vulnerable to a slowdown in Asia, investors hoped other sectors such as financials would take up the reins, Froehlich said. J.P. Morgan's comments dashed those hopes for now. >>
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