..than a stock hunt..
If traders weren’t falling asleep yesterday, they did so today!. A feeble attempt to close in on this rallies highs in the morning off some good eco data and than back to bed was seemingly the routine for the day.
We were discussing in early to mid March the slow grind up as `performance anxiety` and it seems the whales were interested in doing it ahead a few weeks in anticipation of not doing much of it come this holiday week. Some window dressing is around and allowed the market to hold and not test 1153ìsh after last week`s poor closes, but, most of it now is just some select buying and mostly rotation from a leading sector to a lagging sector in Q1 setting up the books for Q2/earnings season. You see some of this today in money flow from the Financials into Tech.
As liquidity dries up more and more this week, we’re not anticipating any aggressive moves in either direction without a surprise catalyst. Such a surprise is doubtful as the global market tend to keep such things hidden till a holiday week-season ends. Individual stocks getting any uptick are usually met with some profit taking in this environment as it`s looked on as an opp`to book a few more dollars and nothing else, thus we see mostly -1-+1% action on stocks by close.
We may have a few EPS's familiar to trade to DJIM tomorrow in (BMO) HEAT, CAGC and (AMC) XRTX and notably RIMM reports, but we're not holding our breath and prefer to wait it out and not lay an egg of a trade on till we see the market mood post -Bunny weekend.