..a little hungover

After a huge week, full of major events and ‘bullish’ market action, you can’t blame the marketplace for calling in sick today and extending the weekend.  Add, little newsflow over the weekend and today was ‘very slow’ on all accounts.  In all, today’s hangover is a good one as the tape had all signs you like to see.  Once again, dip buyers were present and shorts are reluctant to press in order to avoid upside risks.  There is no theme today in any sector/group as action was scattered, internets behave well, otherwise, most stocks/groups (solars eg.TSL/STP  last few days now) that had a slight gain were individually linked to either upgrades or news to perk them up a bit.

AMC, Washington gave the market what it expected with more stimuli on the way after an ‘agreement’.  Of course, it’s not final, but the deal is on the table.   Even though, it’s the broadly expected package, the market should be relieved somewhat, plus, it is larger than expected (payroll tax cuts).  Surprisingly the reaction is subdued after afterhours as the ES has hardly budged.  

In all,  it’s more good news for the economy and risk assets (weaker USD) going forward,  so it’s a surprise even a little bump AMC has not occurred.