Yesterday's large bounce and volatility crush set us up for a reversion to the mean on perceived tax-and-spend rhetoric and poor housing news. I thought we might string together a second gain, but the models beat my personal outlook once again. Although intra-day directional indicators are weak at best, at the mid-day it seems we will (hopefully) be putting in a higher low today, arresting the relentless down trend that has been in place over the last three weeks.
10:05AM PST - Look at the five-day chart to the right: inverted head and shoulders setting up? Hey, a bull can dream...
Did someone say "mark to market"?
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Friday: New Home Sales
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