Momentum U-Turn
January 20th, 2006 by BWV
The senior indicies are getting hammered here. Google down 28 points and slicing thru its 50 day moving average is not helping.
Citigroup is leading the 140 point selloff in the DJIA. Energy is about the only sector working.
However.. While the QQQQ, Dow, and S&P 500 are getting shallacked.. the real leading indexes of this market — Russell 2k and NYSE Composite — have not even decisively broken yesterday’s lows.
Put/Call is running 1.12. There is an odor of fear out there, and bears are probably licking their chops right now. But I’m sitting tight here.
Accounts are slightly down on the day, and we sit 41% invested.
