Monday, September 28, 2009

Evening Briefing for September 28th

* MARKET THEMES FROM MONDAY: Early strength took stocks past resistance just below ES 1050, setting off an upside trend day. The NYSE TICK was strong through the day; volume at the offer in ES greatly exceeded that at the bid; and advancing stocks led decliners by over 1800 issues. We saw Demand at 173, Supply at 18, suggesting broad upside momentum. The U.S. dollar strengthened in the afternoon and gold closed well off its highs; I'll be following these intermarket themes closely tomorrow and posting via Twitter.

* OVERSEAS/OVERNIGHT NUMBERS: 3:30 AM CT - Great Britain, GDP; 4:00 AM CT - EU, economic sentiment; 6:50 PM CT - Japan, industrial production; 8:30 PM CT - Australia, retail sales. Earnings reports due out Tuesday can be found here.


-- Currency crashes in weak economic conditions have positive effects;

-- Credit market indicators, a look at earnings revisions, and much more;

-- Indexes bouncing off oversold readings;

-- Review of economic indicators;

-- Questioning the argument about sideline cash.