Two days of essentially zero trading here. Watching the charts pretty carefully, however, especially the S&P via $SPY, which I would call the best current tell for strength and weakness, despite small caps leading rally performance and the NASDAQ  (I watch it via $QQQQ, a.k.a. “the Qs” if you’re in training) having the best performance YTD.  Between the swine flu freakout and last night’s stress test “leak” (which inspired a pre-market drop and then a steep buying frenzy), I’m beginning to wonder whether my whole look-for-the-news-tide shift will even happen here. The market has had two strong mornings followed by two weak afternoons, and news good or bad doesn’t seem to matter one bit. Prices might just have to keep weakening before news starts to look bad.

Without further ado, the analyses:

  • Tickerville’s tape talk is up for the day. He’s watching $SPY closely too. Spoiler: he’s still pretty bullish, though doing “a lot of hand-sitting”. ~17 minutes.
  • Trader Mike, I heart you
  • Jack McHugh gets his commentary in a little early tonight, always a must-read with the news links you need right thar at the bottom all handy, that this time makes the round-up.
  • Also, a new analysis candidate, chartless and concise (which characteristic always makes Mr. U go “Nice!” in his Borat voice) from the newish Market Talk blog.

Couple other things I think are worth a look, but caveato lectorio: these are newsish, not honest tape. In the when-will-they-learn category:

Goldman Sachs Boosts Risk-Taking at Fastest Pace on Wall Street

Wall Street Pay Bounces Back

And in the oh-no-what-do-I-do-with-this category:

The Next Great Bubble? (China–great analysis)

The Fed: Our Next Troubled Bank? (Now with new & improved 48-1 leverage! also via Ritholtz)

Be careful out there.

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