We’ve seen more earnings leaks than usual and it goes without saying some have the number in advance of us commoners. So we get these “stick saves” toward the end of trading.
Other than Google, things are a little soft in after hours trading tonight. AMD reported and the stock got sold as did IBM.
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There’s quite a mania going on in Emerging Markets and some commodity sectors. This is driving prices to extreme levels (parabolic) making mincemeat of rational judgment. It’s mostly driven by peer performance pressure, excess liquidity, and low yields; but, still only modest volume. Most investors are still feeling the bitter pain of losses and seem reluctant to take Wall Street’s bait.
I’m a skeptic but willing to go with the flow since that’s my primary mission even if kicking and screaming.
It wouldn’t surprise to see more options related activity tomorrow as those on the options floor will be hunting down strike prices.
We’ll make a few pithy comments on twitter tomorrow maybe.
Disclaimer: Among other issues the ETF Digest maintains positions in: SPY,UPRO, RSP, TYH, IWM, MDY, XLB, UYM, XLF, FAS, XLY, UDN, GLD, DBC, XLE, EFA, EFO, EEM, EDC, and XPP.
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