Market Monitor

  • Neither the dip buyers , nor the bounce sellers had much of conviction. We seem to be settling in to summer doldrum.
  • Earnings will be in focus soon as some sectors like Investment Banks announce their earnings. That will be followed by earnings pre announcement season.
  • As o now most of the leaders o the rally have held up very well. The selling is concentrated in few interest rate sensitive sectors. I we do not see a 200 plus down day this week, then this will be yet another garden variety correction.
  • AAPL, GS, LEH, MER, BSC, MS, are some stocks I will be watching.
  • McClellan Summation Index continues to go down, so we are yet to reach a stabilisation zone which can set us up or sustainable bounce.

Later: The mystery behind the blogger sentiment poll


Unknown said...

thanks again PD for your insight it is much welcomed-T

Unknown said...

thanks again PDB your insight is much welcome-T

Anonymous said...

hello Pradeep,
what are your thoughts of The IBD's stocks on the move list?

Numerius said...

Pradeep you should consider CHAP for purchase. I know steel is kind of a rough sector right now but look at the amazing relative strength on CHAP in the past few days. Theres good reason for it too, i know the company well. They will rally into earnings first week of July. They do beam steel which is a killer market right now.

I bought some JCG today too.

TorontoTrader said...

Whats your take on Gold ? Good time to buy for a nice return in 3-6 weeks ?

Pradeep Bonde said...

Gold stocks are not breaking out.