Thursday Outlook: Grab Your Paintbrush

I was day-trading a quiet NASDAQ market yesterday when suddenly the market spiked sharply higher a little after noon. What happened? I looked around at various sites for clues and the only comment was from Briefing.com: “…there doesn’t appear to be any catalyst for the gains.” Hmmm. Then at 2:00 PM another comment was: “…market breadth is positive although conviction behind the market is unclear.” Double hmmm.

There really wasn’t any “public” news. But, evidently some rumors were swirling about trading desks that something was up with Fannie (FNM). A rescue perhaps? Nope. As it turns out, it was just a summer house cleaning of some useless and incompetent executives (more on this in the closing comments).

We are also getting to the end of the month when, you guessed it, some of Da Boyz don their coveralls and get to work painting to make things look a little better for their beleaguered clients.



Volume remains light while breadth was good overall. Below is a different Yahoo Finance view.




















So, let’s check in on the problem children where Da Boyz were most active in playing around today.


































A major reason bonds are rallying is a combination of there being little else of quality for fixed income investors to buy and an ongoing dollar rally.

An interesting and unique take on the dollar rally is in this article.


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