Ahead of the open, (24-02)
Friday, February 24, 2012 at 08:03AM Although the SP may only be up ~2 pts WTD, those dip buyers noted yesterday, “likely sniffing around for an opportunity..” at supports/20ma’s may swing 15-20SP handles quickly thanks to a gift open low to SP1252 with just a little follow through momentum on Friday. As far as ‘gift’, how else can you explain a market that was given another positive Initial claims #, but slid from gains just before open to lows of day off nothing! As far as possible momentum into the next trading day, it’s possible due to the reversals seen today, (specifically in the transports),which has been a bear case since mid –month because the sub sector did not confirm Dow’s highs, plus the RUT, which posted the biggest day gains of the majors. All in, the subdued profit taking in winner beta groups of late reversed (semi’s still lagged). Still, upward momentum may be limited as next week’s event schedule starts coming into focus.
SXCI, CRM earnings keep these old listed names around for longer as momentum is not waning.