Friday, September 10 Market Summary

Nice summary of the Friday financial market action over at Between the Hedges. Just started checking out this guy's blog but apparently he's an anonymous hedge fund manager. Pretty cool to get insight from inside the industry.

Warning, however: discretionary input at the end. Remember what we think about discretionary trading advice??

BOTTOM LINE: Today's overall market action is mildly bullish as the S&P 500 is trading near session highs despite tech sector weakness. On the positive side, Education, Oil Service and Defense shares are especially strong, rising 1.25%+. The 10-year yield is rising +4 bps to 2.80%. The Spain sovereign cds is dropping -3.22% to 226.90 bps. The total put/call is high at 1.25. On the negative side, Wireless, Semi, Computer, Steel, Utility, Alt Energy, Bank and Disk Drive shares are down on the day. Small-caps are underperforming. (XLF) has also underperformed throughout the day. Copper is falling -.97%. The Greece sovereign cds is rising +1.02% to 919.49 bps. Breadth is mediocre and volume is very light again today. Developing weakness in the tech sector is a concern. With much more economic data on tap and investors returning from vacation next week, a more clear picture of the market's health should develop. I expect US stocks to trade mixed-to-lower into the close from current levels on profit-taking, technical selling, eurozone bank worries and increasing terrorism fears ahead of 9/11.