In theory, we should run higher for the next two weeks. But I didn’t like today’s action, with regards to the breadth. Just 73% of stocks were up and the bulls lost some of their mojo towards the close, ceding almost 100 Dow points to late day margin call sellers.
Either way, I’m in it to win it for at least another 10 trading days. I will start to unwind my SPY position next week, so I have a vested interest in seeing the market rally.
To accomplish that end, without question, we need to see crude run like a crazy machete wielding mad man in the middle of the desert. If not, then we’ll give back today’s marginal gains and resume the death march towards elysium.
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Didn’t care much for the oil action today. PJ traders need to save oil. ..
If McClellan is right, you can hold your S&P’s ’til the end of Feb., Fly. Of course, he’s not always right.
If we go lower again, can you use the word careen in your title
Did you even sleep last night?
I hope Fly didn’t sleep last night. Severe insomnia for folks who work in the market, is an indicator of a market bottom.
Nothing to celebrate yet Todays upswing still printed an “inside candle”. Not a HUGE fan of Japanese candle-stick theory but it has merit and should be considered when positioning.