Internets turn tail
Though word of a
hefty jump in November retail sales presented nothing that everyone
didn’t already know — namely that the economy’s on fire — traders dumped bonds
nonetheless.
Little has changed
Little has changed since the last update of this column a week ago. The major
averages have shown some light distribution, but nothing out of the ordinary
given the monstrous run-up off the Oct. 18 lows.
An unremarkable session
Monday’s
trade was unremarkable, and typical of a session preceding an
economic report, in this case Tuesday’s consumer price index release.
Check call volume and put volume alerts
The
Nasdaq perked up on the heels of Thursday’s distribution-laced
outing, with the Internet glamours lighting up the tape.
‘Distribution’ continues
It started
Tuesday on the Big Board. It continued Wednesday on the Nasdaq. And
it happened again Thursday on the Nasdaq.
It’s called “distribution,” the selling
of stock by institutional investors, something the eight-week advance off the
Oct. 28 lows hasn’t seen much of.
Nasdaq may be vulnerable
The
churning seen in the Dow and S&P Tuesday spilled over to the
Nasdaq Wednesday, as the Comp went out little changed amid record
volume.
Another inauspicious session
Once again,
the technology sector rose to the occasion Tuesday, rescuing the U.S.
stock market from an otherwise inauspicious session of trading.
When the market speaks
The current stock
market reminds me of the sort of party you might have attended in
high school or college, where you’re having the time of your life as you also
nervously eye the door in case the cops should come busting in to end it
all.
Usual suspects show green
Another day. Another
Nasdaq record. Another narrow advance. Another Internet rise. You get the
picture. It hasn’t changed much in the past two weeks.
A potent rally
News of a
barely-perceptible wage increase in November highlighted a friendly
November jobs report, igniting a potent U.S. stock rally
Friday.-á
Techs put on showy outing
Technology
names, under relentless accumulation by institutions, slammed higher
Thursday, putting in their showiest outing in nine days.
Bonds ease
Tech stocks
lumbered back into the plus column Wednesday following the prior
day’s gaping setbacks, but the broader market showed plenty of red as caution
set in ahead of Friday’s jobs report.