Light Day For Market Moving News

The markets are mixed in early trading on a very light morning in terms of newsflow. The S&P is down slightly while the Nasdaq is up a touch. There are really no big earnings announcements to speak of, no economic reports on the calendar, and no rumors or big announcements coming out of Europe. As such, I expect a light volume day without too much fanfare.

The big news of the day is the IPO of YELP. I use this app on my iphone, but its too early to say how profitable this company will be. In my experience, its often better not to chase these IPOs and wait at least a few months for them to settle in and created their first consolidation base.

WYNN has been bouncing lately, but the stock is halted this morning after opening up over 6% on news pending. No idea what it could be that would cause them to halt the stock. My guess is it is something to do with the Okada dispute.

Asian markets were higher overnight, led by a 1.4% gain in China. The dollar is higher again today vs. the euro, and near a 2-week high. This is weighing on commodities with oil prices weaker to $107.60 and gold prices down a little near $1714.

The 10-year yield has fallen back below the 2.00% level. How many times have we seen this in the last year? It is currently at 1.98%. And the VIX is flat around 17.25.

Trading comment: There are more calls this morning that the market is showing some fatigue and in need of a rest. With so many people looking for it, my first inclination is to say that we likely won't get what the consensus is hoping for. But there is a chance that we could get a quick, sharp correction that startles investors and makes them question their 'buy the dip' intentions. We still haven't seen the big spike in bullish sentiment to extreme levels, but just the fact that the market has been up in 8 of the last 9 weeks lends itself to the notion that a correction would be health. Last, did you see that Birinyi said the S&P 500 could reach 1700? That would be something. Have a good weekend--