1:20pm (EST)

The market has traded in a tight range today but on both sides of the ledger.  The bears are taking it easy as they have punished the major indexes for 3% losses across the board while the bulls are trying to close out the week on a positive note.

Much of the news this week has been a negative tone and as far as earnings, companies are pretty much matching or even beating expectations but are missing on their revenue numbers AND offering lower guidance going forward. 

Today’s economic news was a mixed bag but two themes that have momentum right now are Retail and Tech which are both folding like a cheap lawn chain.  We have a little exposure in each sector and we are playing the downside with some great results so far.

The IPO (initial public offering) market made a few new offerings to Wall Street this week.  The biggest company to make a splash was MakeMyTrip (MMYT, $25.62, down $0.83) which raised $70 million by pricing 5 million shares at $14 yesterday.  This was at the high end of its expected $12-$14 range but demand was strong and we now know why.

makemytrip

The stock surged $12.45, or 90%, to close at $26.45 in its IPO debut yesterday.  MakeMyTrip is an India ADR and is in the travel industry.  

General Motors delayed its filing for an IPO to early next week from the initial target date of today after the unexpected departure of its CEO.  More on this at a later date.

The CBOE Market Volatility Index (VIX, 25.83, up 0.10) broke back above its 200-day moving average, after spiking nearly 20% this week.  We will be watching this development going forward.

vix081310

As we head to press, the Dow is up 20 points to 10,340 while the S&P 500 is higher by 2 points to 1,086.  The Nasdaq is showing a loss of 4 points to 2,186.

Our subscribers had a great week, and we will be back Sunday afternoon with our Weekly Wrap.

We have updated the current trades one last time before we go, so until next time, have a GREAT weekend! 

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