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JPM Market Update
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JPM Market Update# Stock
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equities are seeing nice gains heading into the afternoon, helped higher by
investor relief w/the situation in the Mid East and this morning’s consumer
confidence number. If these gains hold (SP500 up ~77bp), it would be the
tape’s largest increase since 2/1 (and the first green day since 2/18).
Despite the rally, dip buyers aren’t being as aggressive as they have on
prior sell-offs over the last few months. The heavy selling pressure from
Tues and Wed abated yesterday and that trend continues today. However,
larger vanillas are still lightening up on lifts for the most part. Volume
wise, the selling on Tues/Wed was def. busier than the buying on Thurs/Fri.
After a flurry of activity at the open, things have quieted a lot as we
move into the afternoon and traders aren’t looking to do much in either
direction ahead of an extremely important week of catalysts (all the Feb eco
#s, inc. PMI + BLS, potential US government shutdown, European bank stress
tests, ECB meeting, big budget/spending outlines from China/Brazil/India,
and Bernanke’s HW testimony 3/1-2
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