Thursday, October 15, 2009

Fast Money traders

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.

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