DJIM #50 2010

Is there any historical ‘unfinished business’ into year-end?.   Let’s hope for underperforming managers to kick off window dressing soon or else this time next year they’ll be window dressing stores with pimply faced kids at the local mall.  Last week was just treacherous to sit through waiting for SPX 1246/1247 to go.

Don’t shoot the messenger, but our Journal tone pretty well summed up our expectations of the market the entire week.  Drift…Time out…and ‘same’.   Whatever reason, maybe reading too many trading manuals, but there is always noise around OPEX day and the volatility it will bring.  In this book, OPEX days are biggest waste of time and so it was easy to predict,, …”….it’s unlikely anything will be settled with “R” holding up and the SPX finishing relatively flat on the week….The market got some v.strong earnings AMC with ORCL/RIMM, but it’s probably not enough to get the market going on Friday”

All in, a good 5 day consolidation…by end of week, some momo’s started to look better, as well, our consumer/ retailers after post Turkey basing.   Of course, it’s going to get especially quite on the eco’/earnings side.  The only worry is sovereign/Euro noise to resurface after a couple of quiet weeks.