Monday, February 22, 2010
Morning Briefing for February 22nd: Consolidating
We've been trading in a range for the most part in the overnight and morning sessions, not holding the Friday highs, but staying above the Friday morning lows. Such consolidation at higher average trading prices is consistent with the bullish short-term trend mentioned in the weekend indicator review. Advancing and declining stocks on the NYSE are running about even; banking issues have been strong this morning, currencies are mixed, commodities are off their overnight highs, and commodity related stocks (energy, materials) have been weak. All in all, thus far, a mixed, rangy picture, which is supported by the balanced action thus far in the NYSE TICK. That has me leaning toward buying weakness and selling strength today--and not necessarily expecting large moves, given most relative volume thus far today.