Although most of what you see on CNBC is useless, I do like to watch it to measure investment sentiment, especially short term sentiment. The Fast Money halftime show is one such segment where the traders make a buy or sell call into the close. Well today, even with the market basically, flat, 3 out of 4 traders said sell and Joe Terranova said buy just to be contrarian.
From what I've noticed over the past couple of months, these traders are usually a fade at the close and a good indication of intraday market sentiment.
That tells me that we're not likely to sell off today.
Also, there is a S&P 500 adjustment being made at the close due to the Pfizer Wyeth deal closing which should result in some index buying at the end of the day.
Thursday, October 15, 2009
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