Morning Market Comment 早盘市场评论

US stock market opened down as China's trade surplus came in weakest since 2013 raising worries on China economic slow down.  Other negative news are : Citigroup reported better earnings but missed revenue estimate , PCG is preparing for Chapter 11 bankruptcy, Morgan Stanley analyst negative comments on semiconductor sectors . The Dow was down over 200 points to begin the day, it then bounced to down only around 60 points after C turned around from negative to positive before starting to go down again. It is now down 100 points. Weak sectors are utilities, semiconductor, software, social media, biotechs and basic materials.  Small cap index Russell 2000 is the weakest among indexes, it is down nearly 1%. Positive sector is financials. AMZN and FB are both up.

Even though major market indexes are facing formidable resistances overhead and pullback is highly expected, however that have not stopped bargain hunters from buying stocks. It has been 4 days that buyers are seen jumping in to buy dips. Fear index ETF VXX is again diverging with the S&P 500 trend. People are selling VXX even though S&P 500 is down a decent percentage. After a strong bounce of over 10% from December lows, major market indexes don't seem to eager to come down. Instead they have been consolidating in a narrow fashion and are showing willingness of breaking  break above their resistances.

In conclusion: Major market indexes have all the reasons to come down but they are not. We need a day that they close at the lows before a down turn will begin.


美国股市开盘下跌，因为中国的贸易顺差是自2013年以来最弱而引发对中国经济放缓的担忧。其他负面消息是：花旗集团（C）报告盈利较好但营业额则低于预期，PCG正准备第11章破产及摩根士丹利分析师对半导体行业的负面评论。道指今天开始时曾下跌超过200点，然后在C开始从负变为正之后反弹到仅下跌约60点。道指现在下降了100点。弱势板块是公用事业，半导体，软件，社交媒体，生物技术和基础材料。小盘股指数罗素2000在指数中表现最弱，下跌近0.9％。金融业板块正面。 AMZN和FB都上涨。

尽管主要市场指数面临巨大阻力，而且下跌回调是高度预期，但这并没有阻止逢低买入者购买股票。已经有4天时间看到买家逢低买入。恐惧指数ETF VXX再次与标准普尔500指数趋势背离。尽管标准普尔500指数下跌得不小，人们还是抛售VXX。在12月低点反弹超过10％之后，主要市场指数似乎并不急于下跌。相反，他们一直在以窄幅盘整的方式进行巩固，并表现出突破阻力的意愿。

总结：主要市场指数有所有理由下跌，但事实并非如此。我们需要有一天在低位收市，市场才会开始下跌调整。