Wednesday, November 22, 2006

Investor Sentiment Check

Feels like a slow day in the market. The indexes are hovering in positive territory, barely. Semis are the strongest group (+1.1%), while energy stocks are the weakest (-0.8%).

Bond yields are drifting lower at 4.57%.

As for investor sentiment, the ARMS index is about average at 0.92. The CBOE put/call is slightly elevated, running at 0.91. And the ISEE is lower, at 111, a subdued reading (reflecting skepticism).

If they can't knock the market down, we could see some additional short covering into the close. Friday is a half day in the market, and is historically an up day in the market.

I don't have too many superstitions, but I do have a tradition of growing a goatee for the week of Thanksgiving. I wasn't sure if it would help this week, but I did it anyway, and true to form we have had an up week so far.


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