..bumpy ride

We opened September just below SPX1K, today we close off the month about 60 pts higher. All the hoopla surrounding a traditional September swoon just never materialized!.  Unfortunately, we conclude the month with consecutive eco’ data points that may give the market it’s first ‘ headwinds’ in months.  Today, it was the Chi- PMI, ADP on the heels of Consumer confidence #, durable goods and some housing numbers in the past week or so.  Surprisingly …fortunately the dip buyers come in and provide an underlying bid , today is a prime example as we bounced hard into the green after a quick sell off.   At this point, the buy side is thinking earnings this upcoming Q will negate the current eco’ headwinds.

We pretty well covered our sentiment on the market through Alert-comments today, we can only conclude by saying, we can do without more headwinds in eco’ data to close off the week…ISM, NFP Friday. 

The market is held hostage now by two things, one is the SPX/ ES technical trade and the other is the eco’ data.    As we said last week, it’s time to have your day trader face on.   This means when we get a point or two move in a stock like GNK yesterday, CTRP today, we take the profits quickly and look elsewhere.   Today, we touched on China's 8 day holiday,  we'll keep a close eye on this sector to see if their celebrations spread to some of the stocks here.