Exposing Ideas to the Envelope of Serendipity

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Monday, March 22, 2010

A New Week

OPEX Friday finally brought some selling into the market, interrupting the relentless run-up off the February low. While a pullback was certainly overdue, it's hard to read too much more than that into market moves on a quadruple witching, and the action early this week should shed a little more light on the picture. Commodities-related stocks were particularly weak, with precious metals and oil stocks under considerable pressure throughout much of the session, fueled by a strong dollar bounce off support. Let's see where we are and what to watch for near-term on the $SPX, how we're doing in terms of market breadth readings, and an intriguing long-term look at the Nasdaq.

That's it for now.

Trade well.

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