Better than nothing....

"We are looking at the Nasdaq here and will not get that bearish feeling maybe until/ if 2590ish is broken end of day.  What we expect here is the gap from Friday to hold and some buying to come in tomorrow.   Now, if we get some morning news to favor the Bears, well then we ain't going to get the buying, are we?." 

Well...we didn't get any news noise in the morning but we still got an early continuation bump from yesterday, which was hardly a surprise considering what was a sizeable drop.  By 10am we hit that 2590ish mark (2586 low to be exact) and the rest is history.  Last night we thought there was no reason to fret, simply the bears caught the bulls napping after 3 days of churning yesterday.  That's the way we felt while it was all going on and later last night after catching our breath.   If it was the yield climbing yesterday...why didn't we go lower as it climbed to 5.19% today?.    Are we satisfied with today's reversal?.   The answer is no, but that could change tomorrow.   You see DJIM stocks have a way outperforming the indices and not performing on par when the market rallys.   We have seen this time and time again and have written about it many times.   Despite the rally today, it was really only for the techs on the Nasdaq...even the big caps really didn't perform to NASD snuff.   There were a few DJIM's that bounced nicely off low's...MA 6 pts...TNH 12 pts..FWLT got in the grove late for 3 pts, but the problem was with many of the small-micro caps that have been running here that didn't perform as we would have liked.   This list includes SDTH, KMGB, CMED, LXU, AIRT, VSNT etc. but a few did like LPHI, TBSI, GHM  (34k vol. woo hoo).   Still..besides the few it was uninspiring in the scope of things, but at least yesterdays fall did not continue today.   So..maybe we shouldn't be so picky....Yeah right!.  Let others and their niches have a good time while we are predominately left out.   NO WAY, JOSE!

If today wasn't just a blip like the fall yesterday was....well then we expect some action in the DJIM stocks that did little today to move tomorrow. This is even if the market digests today's gains and does little all day...but we do have the Blackstone (BX)  IPO tomorrow, which should help the karma on the trading floors.  Maybe it can spread...

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