Wednesday, April 04, 2007

Midday Check

As of midday, there has not been a ton of excitement. The energy inventory data provided a bit, but oil is still a touch lower on the day, hovering around $64.50. The 10-year is also lower, bouncing off of its overhead 50-day to 4.64%.

Sentiment is still flashing signs of investor angst. The ARMS Index is above average at 1.0, the CBOE put/call ratio is high at 1.0, and the ISEE Index is also high at the put/call equivalent of 0.85.

Tech is hanging in well today, with large-cap tech leading the major indexes. Semis are strong, up roughly +1.0%. Brokers and biotechs are also positive.

Given yesterday's nice accumulation day, a couple of days of quiet consolidation would be just what the bulls ordered. As for the bears? Stay on the floor, I guess.


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