Last Thurday was a tame day for the market. Traded volume was light giving apperances of a temporary market correction in a long string of up days. But Friday 's volume was strong, the type of decline day needed to mark a market trend turn-around.
The markets are euphoric with Turbo Tim's plan. At this time, Dow futures are up 146 and the S&P 16. Asian markets are up between 2% and 5%, and the European markets are up 1% to 2.5%.
There should be some good up volume today as bulls finally have something to cheer about. The market is oversold short-term coming out of Friday, so this should be an up day most all the way. We could see a couple consecutive rally days here, but intermediate term, the market is over-bought and the overall outlook for this week is down.
I will post if there are any significant developments during the day.
11:45 AM EST Update:
The S&P is hovering right at 800. If we close above here today, then we might be off to the races. The next stops up are 830; then 875. Might be time to go long.
I'll have to do more market anlaysis after close to see if a continuing rally is viable. From my perspective, I still think the market will decline this week before continuing a rally (if it does). A bigger correction is needed than the two down days last week, but stranger things have happened.
The markets are euphoric with Turbo Tim's plan. At this time, Dow futures are up 146 and the S&P 16. Asian markets are up between 2% and 5%, and the European markets are up 1% to 2.5%.
There should be some good up volume today as bulls finally have something to cheer about. The market is oversold short-term coming out of Friday, so this should be an up day most all the way. We could see a couple consecutive rally days here, but intermediate term, the market is over-bought and the overall outlook for this week is down.
I will post if there are any significant developments during the day.
11:45 AM EST Update:
The S&P is hovering right at 800. If we close above here today, then we might be off to the races. The next stops up are 830; then 875. Might be time to go long.
I'll have to do more market anlaysis after close to see if a continuing rally is viable. From my perspective, I still think the market will decline this week before continuing a rally (if it does). A bigger correction is needed than the two down days last week, but stranger things have happened.
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