Wednesday, April 28, 2010

Market Update

Last night's US -2.3% fall, lead to SP falling by 1.17%.

The impression I'm getting is that the market is just waiting for an excuse to sell off the top - Goldman last week, Greece this week, Donkey Kong Next week.

The market leaders google and GS have failed to make new highs, oil seems to be topping, although commodities seem to display the huffing and puffing of market tops - the reflexive rebound in bear markets could be setting up.

On the good side, economic data in the US does support the recovery, with Housing data last week and last night's confidence numbers getting the highest levels since 2008.

The key question is will the market rebound over the next few sessions, or will the market finally decide to take some chips off the table, and if it does, by how much?

All the banks are reporting over the next week with ANZ out tommorrow - this may set the tone for the SP500 over the next week. Technically ANZ has pulled back from a false breakout - and the results tommorrow if it disappoints will see a massive selloff.

Positions:

I closed off ATVI @ 11.44 practically breakeven - I've got a sick feeling about this current price move - I'm going to protect my capital for now, as I can re-enter this position if I feel like the market will keep moving higher.

Two stocks I'm currently watching ASX < $32 and GNS < $0.50