Active Traders Become Frustrated with Market

In one of the narrowest ranging trade sessions of the past year, active traders became frustrated at their inability to act. By the end of the day, the S&P 500 (-0.75 -0.10% to 788.42), DJIA (+3.03% to 7555.63), and NASDAQ Composite (-2.69 -0.18% to 1467.97) were all very quiet.

The big sector winner, Consumer Staples (XLP +0.53%) hardly moved, while the big loser by far was Utilities (XLU -1.51%) was down just a bit.

The Toronto Composite (-202.75 -2.42% to 8175.95) did plunge, while the Venture Board (-3.34 -0.36% to 915.82) pulled back a bit.

Earlier in the day Thursday, at 7:34am ET, the European bourses were quiet. The French CAC (-0.33%), the German DAX (+0.24%), and the UK FTSE 100 (-0.11%) had hardly moved.

Thursday also, the Asia-Pacific equity markets were quiet Australia (+0.92% to 3398.0), Nikkei 225 (+0.31% to 7557.7), Shanghai (+0.78% to 2227.1), Hong Kong (+0.06% to 13023.4), and India’s Sensex BSE 30 (+0.30% to 9042.6) were unremarkable.

Wednesay in NY, there were few groups that made any noise other than Goldminers ($XAU +1.8%) and REITs ($DJR +1.5%).

As for the Cara 100, the winners included CCJ +5.8%, POT +4.6%, VIP +4.2%, TM +4.1%, and CHA +4.0%. The losers were led by TTM -10.4%, BC -8.6%, RIMM -5.7%, and WHR -4.6%.

US Treasuries were soft as yields lifted. The $USB long bond dropped -0.53% to 128.66 and is very weak this morning.

Wednesday, the US Dollar strengthened ($USD +0.47% to 88.00) while the Euro dropped -0.52% to 125.43. Earlier this morning at 7:40am ET, the $USD was at 87.505 and the Euro at 126.86. Crude Oil for April was at 38.60 and was getting a bid. The DJIA futures were at 7548, indicating a modest open.

I’ll cut this short so I can catch the open.

Comments

[happysoul77777:]

What do you mean? It's a great market to trade.

The FASB accountants favor the short sellers, therefore they continue to keep the FAS 157 in place. Keep shorting the financials and the market! That's the way to make money in this market.

Feb 20 12:57 AM

[Ames Tiedeman:]

VIM has been destroyed along with Russia in general. One would think that if they do not go broke, it will go up. People will still want to use their cell phones.

Feb 21 09:37 AM