Friday Outlook: Dip Buying Continues

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 |  Includes: AAPL, AMZN, GOOG, IBM, IEF, IWM, IYR, IYT, LQD, MDY, QQQ, RSP, SEA, SPY, TLT, UDN, UPRO, UUP, VTI, VXX, XLB, XLF, XLI, XLY
by: David Fry

October 15, 2009



DIP BUYING CONTINUES

Logic argues for a rest but Mr. Market’s not giving much ground. Some of this may have to do with options expiration tomorrow as those who can hunt down strike prices, forcing exercise and hitting stops. Sure, it’s a mean game.

IBM posts good earnings while GOOG beats. So, you think over the last two hours of trading some folks got the memo? Just saying… In the meantime even horrible earnings from companies like Harley-Davidson (NYSE:HOG) were bid higher following the dreamy “the worst is over” buy from WFC.

Volume is still unimpressive as many individual investors are watching but not playing despite all the cheerleading from the media. They love to talk about the trillions on the sidelines about to come in the market. Most of that is in bonds and it remains to be seen whether they get sold. Breadth is rather confusing and mixed by the table below.

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