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Today's Comments (Short Term Outlook)
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Quadruple Witching Stocks had a pretty good day yesterday, but as we've talked about, this is an options expiration week, and also a quadruple witching Friday, so I am not taking any of this action on face value. The S&P looks to have reversed to the upside but volume was light and the buying wasn't overly enthusiastic.  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk I'm still on vacation so I will leave you with some of Revshark's commentary from yesterday's Market Wrap-up... Although the Philly Fed Index gave the market a boost and we were ripe for a little action to the upside, the major indices just didn’t have much juice today. There was some decent action in a couple of areas, but [any] breakouts didn’t attract a whole lot of chasing or volume, and there were scads of names that were flipped to death. The bottom line is that this market is definitely showing signs of weakness. The reaction to RIMM’s earnings after the bell is a case-in-point. Although the bottom-line numbers were ahead of expectations and revenues and guidance were in-line, that stock is selling off heavily in after hours trading, even though it’s already 10% off its highs from last week. The implication is that expectations for that stock were too high, and we need to watch for signs of that spilling over into other areas. We’ll see how things go, but we are absolutely increasing our caution levels. -- RevShark -----------------------
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