Buyers just too tired for Turnaround Tuesday? Also: $TWTR vs. WhatsApp
Snippets: Fed Chair Janet Yellen’s two appearances before Congress in the coming week are the main attraction. She testifies before the Joint Economic Committee on the economic outlook Wednesday and before the Senate Budget Committee Thursday.
Up a day – down a day … This is a game of “catching” people offsides and we are seeing it big this morning – driley.
If buyers are not present on “turn around tuesday up 15 out of 17″… shows exhausted buyers. Buyers had chance to rally on Friday’s NFP report, but struck out 3 x in a row. Last NFP report was only one out of 3 that put in a lower high http://bit.ly/1onwn6x - Chicagostock.
Chance_Stroot (08:01) seeing some weakness here on Turnaround Tuesday? Another jam session for the shorts? Keep your eye on the relative weakness in other markets for confirmation. TF needs to hold 1115-1117 for buyers to remain in control. in ES – buyers need to hold 1871.25-1873.25 for buyers to remain in control below that zone brings up 1865.5-1867.5 then 1860.5-1862.5. Below 1860.5 is indicative of larger time frame long liquidation and will bring up 1849-1851 zone.
Roger_Sawyer [TWTR] at $18B currently cheaper than WhatsApp at $19B -
Parker, do you think TWTR heads back to its IPO price of 26?
parker_schwartz i have no idea – theres no lockup on the IPO investors – so i imagine many of them are long gone and the people who were locked up have costs basis much lower than the IPO price. i had thought it would bottom around mid may before todays px action. at $10 i think [GOOG] or someone would take them instantly for 6BN mkt cap. i imagine it will be a pretty good trading stock for awhile. whatsapp is down 20% from the purchase price – offhand i remember it being an almost all stock transaction.
Today started with 155k ESM traded on Globex, trading range was 1872.25 – 1881.50. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1879.80 – 1861.00 before settling at 1875.80, up 1.4 handles.
Today’s pit session opened .5 handles lower at 1874.50 – 1874.00 marking the early high before fading back to 1869.50 area in the first 15 minutes asChance pointed out (08:41) [RUT] very weak in the early going. Once again the index stepped higher, but could only manage to trade 1875 area, shy of previous settlement 1875.80, and by 9:45 the bid had fizzled. A slow sideways to lower trade set in as the RUT was down 0.7% and the [VIX] was quietly being bid up.
jack_broz (12:50) from a pit trader: explosions reported in Iran http://usat.ly/1g68sDJ
Following a lunchtime sideways to quietly lower trade the S&P futures stepped lower to retest yesterday’s low, holding 1862.00 followed by a small bounce … On the closing imbalance: (14:00) MiM – MrTopStep Imbalance Meter showed $260M to the buy side before expanding to $450M going into the cash close. The cash close traded 1862.20 area before settling at 1864.30, down 11.5 handles with the RUT closed down 1.6%. parker_schwartz good luck when japan opens. **william_blount we will be closing below the weekly pivot 1868.10 — MRS YELLEN better have her best pearls, heels, and dress on tommorrow – OR ELSE.
Eco calendar: http://www.investing.com/economic-calendar/
If you missed this yesterday: Putin Accidentally Posts Real Crimean Election Results; Only 15% Voted For Annexation http://onforb.es/1ijNsZT
- Investment & Company Information