Seperately, the Case-Shiller Home Price Index for December came in in-line at 145.9, with the 20-city composite showing a -3.1% yr/yr decline. This is a continued moderation, as last month the decline was -5.3%, so on this margin this trend continues to improve.
There has also been a flurry of retailers reporting earnings this morning, and many of them were good. But the retail etf (XRT) is still trading -1.1% lower this morning.
The dollar is trading higher today, which is weighing on commodities. Oil is lower to $78.66, while gold has traded down to $1105.
Asian markets were mixed overnight; the 10-year yield is lower to 3.73%; and the VIX is +6.3% higher to a still low 21.20.
Trading comment: I think the market was primed for a pullback, as I showed yesterday how overbought it had become in the short-term. But I think this pullback will be more shallow than the one that began in mid-January, and I will be looking for spots to put cash to work on any further decline.
I said I would look to some of the stocks that have held up the best during the recent correction. A reader asked me to name some names, so here are a few examples:
- ESRX, PNRA, V, RIMM, AAPL, FFIV, VMW, CREE, CTSH, GMCR, PCLN
long AAPL, FFIV, RIMM, V, VMW
Hiç yorum yok:
Yorum Gönder