12:15pm (EST)
You don’t really need to find out what’s going on
You don’t really want to know just how far it’s gone
Just leave well enough alone
Eat your dirty laundry
Kick’em when they’re up
Kick’em when they’re down
Kick’em when they’re stiff
Kick’em all around
Some of the zombies are gathering today to try and avoid the sequester cuts that are set to take place once the head zombie signs off on the cutbacks but with most of the House taking off yesterday, we doubt any last minute deal gets passed when they are having their first meeting on the deadline. It is amazing how little gets done in DC and how little these knuckleheads really work considering they were off all last week. We know they typically take off every Friday and the zombies that are at the White House today are just there for picture taking and posturing.
We mentioned yesterday the odds favored the bears today and with yesterday’s last minute selloff at the close, it was almost a given today’s open would be lower. Of course, we still have the second half to go and there has been a rebound as the talking heads keep cheerleading for new highs but it appears as though the bears could bookend the week with losses if selling pressure reappears this afternoon.
The levels to watch for are Dow 14,000; S&P (500) 1,515; Nasdaq 3,161; Russell (2000) 916. If the markets closed at its current levels, the bulls would win the week but the bears are right there as today’s action has been choppy.
We said that the Dow has been a “defensive haven” over the past few weeks as it makes new highs while the other indexes have lagged. Not the perfect recipe for a bull market. We can’t wait to do the chart work this weekend as we are looking for them to provide us more clues on which way the market is headed over the near-term.
We will talk about the history of March and the market in the Weekly Wrap and it can be a volatile month. With the S&P Volatility 500 Index ($VIX, 15.94, up 0.43) popping above 15, this has been confirmed.
The market took a decent dip at the open but has since rebounded as we head into the second half of trading. We will be watching the action and there could be some late day Profit Alerts if we ring the register before the weekend so stay close to your email inbox.
The Dow is up 21 points to 14,075 to 14,041 while the S&P is higher by 2 points to 1,516. The Nasdaq is advancing 3 points to 3,163 while the Russell 200 is declining 3 points to 907 and could be a tell.
We have some last minute updates for our current trades, including some takeover chatter for one of our biotech plays, before we roll so let’s get to it. Subscribers, check the Members Area for the updates.
We will be back Sunday night with the Weekly Wrap and Monday morning with the Daily. Until then, have a great weekend everyone!
