Hard Market to Trade
Posted by Sean Hannon
December 5, 2007 at 12:06 pm
With the DJIA +185 and the NASDAQ +50, you would think this is an easy trading day. Unless you were long going into today, there are not a lot of quick trades out there. With a few exceptions (GOOG and AAPL), most momentum names opened higher and have since gone sideways or down. I do not have enough courage to short anything into this tape and find myself on the sidelines. I would rather incur opportunity cost than true economic loss.



Big gap up days lately haven’t offered any trades.
It looks like the markets are beginning to weaken though now that lunch appears to be over. I should have purchased SPY puts while it hit the 149 resistance level. But I agree… today’s been a rough day to pick up on anything. It’s frustrating more than anything else.
Financial serviecs are very strong across the board. I am talking the likes of CME, NYX, NDAQ, and MA. I should write a post on this sector.
I was happy to see us edge back up at the end of the day. That’s encouraging to see the “smart money” stick around to buy.