- The "oil down =stocks up" model took a breather today, but it's back to the "Oh my God the financials are in trouble!" model. ... the financial sector was hit by more evidence of ongoing credit-related trouble, with the damage partially offset by crude's retreat to $113 a barrel. "How this story plays out really depends on whether the weakness in financials bleeds out to other sectors in the economy," said Linda Duessel, equity strategist at Federated Investors.
- This must certainly give the bears an emotional bump. They were warning yesterday that the last two times the market closed above the 200dma, it was just a head fake and the market crashed.
- But boys and girls, IBD says it is NOT a distribution day.
- Will run the Long-Short model scans later tonight.
- Microsoft's "blue screen of death" strikes Olympics opening ceremony! Classic!
- Consumer's confidence 1-point away from an all-time low!
- Nancy Pelosi and Michelle Obama to kick off Democratic National Convention. Pelosi is out trying to sell her Pulitzer (ranked #1929 on Amazon). And I thought Michelle was in seclusion in a cave somewhere near the Pakistan border. Where's she been?
