The market is pulling back just slightly in early trading, after posting huge gains on Friday which capped the fourth consecutive up week for the market. Many participants were worried about the market as we headed into September, but as of now we are on pace for one of the best months of September on record. Go figure.
There are no major economic releases today, and no real corporate news to speak of. There was some M&A over the weekend, with Unilever buying Alberto-Culver (ACV), and Southwest Air (LUV) buying AirTran (AAI).
Asian markets were higher across the board overnight. The dollar is a bit higher this morning, but oil is also up near $77 and gold is also higher near $1298.
Among the sector ETFs, tech and energy are leading the way and bucking the early weakness; while healthcare is leading on the downside, but not by much.
The 10-year yield is lower again to 2.54%; and the VIX is up +4.05% to 22.59.
Trading comment: Stocks only staged a brief pullback last week, when the S&P 500 dipped to 1122 Thursday morning. You had to be on your toes, but if you bought that pullback you likely are happy as the growth stocks I've been writing about bounced sharply.
Many of the leading stocks are extended after their rallies, so it is time to watch for the ones that consolidate and offer better entry points. Chasing stocks is never a good strategy. Much better to exercise patience, as opportunities are easier made up than losses.
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