Editor's Note: Todd posts his vibes in real time each day on
Buzz & Banter
and on cue, the stock market is trading lower. After the 382-point
rally in the
(INDEXSP:.INX) this year, five handles is a rounding error, but for
those gripping the handlebars of year-end performance anxiety,
every tick counts.
Away from the stock universe, gold is trading $25 higher and above
the $1,250 level, which is important through a technical lens. In
the sometimes-backward world of technical analysis, gold is
"better" higher (above $1,250) and "worse" lower (below) as
the head & shoulders pattern that "works" to
will be negated if it can sustain this rally.
That bodes well for the gold miners (represented by the
Market Vectors Gold Miners ETF
(NYSEARCA:GDX)) bounce that we've been watching, which will
presumably come to roost once funds purge the losers from the
) are individual stocks to watch in that complex.
Putting one foot in front of the other,
S&P 1800, 1775, and 1740ish
(the uptrend from November 2012) are near-term levels of lore,
while high-beta tech (acted great yesterday) and the financials
(faded late; watch for their "regulatory reaction") remain our
super-tell duopoly on a trading basis. Market internals will also
provide guidance, if and when they reach a 2:1 posture either way.
Away from the normal noise and emotion associated with there being
15 days left in the trading year, a heavy slate of snow is
blanketing the East Coast, which may play a hand in market
liquidity (liquidity, by definition, is the other side of
volatility). Proactive traders may look to put limits on their
orders and reduce the size of their bets to offset the potentially
thinner environment. The last thing we need after a year like this
is to find a lump of coal in our performance.
- The recent market action has been characterized by a lack of
sellers more than the demand of buyers.
- Most everyone I speak with foresees a melt-up into year-end
-- which could happen -- but that reward won't come without the
risk of a downside "trapdoor."
- Is Bitcoin the "other side" of fiat currencies or a
- How do they keep the vegetables in canned soup fresh?
- How is Kim Kardashian famou --
and why does she matter to this market?