Your Personal Trader - DJIM Journal 2011

A seemingly directionless (sector wise), a lagging tech/naz trade still had the market surprisingly pushing to last week’s highs in the first hour. The next few hours were going to rest on tech shoulders for the broad market as it was still .5% off its highs of last week. You always want lagging indicies to confirm a further move by following. ( ie. follow SPX highs today). As it played out with tech still the sidelines by midday, it was no surprise to find the tape wavering slowly throughout the day, closing at lows after being stopped at the top of noted cluster of “R”.

In all, no catalyst for morning move higher and no catalyst for late slippage. (a Roubini downside risk update hit wires might have been culprit).

Shadowlist

Momentum/ earnings/ winners of ’10- Spotty mixed performance among networking/equip comm’/ momo’s, some networks linked names like APKT, (around down trendline March break) and ALU were outperforming peers by wide margin.
Commodities – Once again coals here (WLT CLF) did well, GS helped with an upgrade of WLT. Intraday, MCP , hit 2 month high, CRR a nch and now up ~25% since a DJIM earning addition in late Jan. Late day broad market selling took most of the above down to trade more inline w/SP for the day, but overall these names still act well day after day.
Consumer- MAR’s #’s weighted on the leisure sector (a upcoming earnings question mark now ) and therefore, no follow through for casinos. Retail was fine, LULU breaking out to a NCH by midday.