$SPY Stocks staged an oversold bounce yesterday but that wasn’t
until stocks took more hits in the morning as investors were not happy with the
ECB’s decision to keep interest rates unchanged.
As the session ended it was a decent bounce saving the market from
more technical damage (had the Russell 2000 broken its February and May lows).
However, the short term trend remains down. We had a couple of nice bounces
last week but neither was able to get a follow-through the next day.
I remain cautious today; will most likely trade Calls on the SPY
shortly after the noise settles down. But as has been the case for the past two
weeks, it is will remain a news driven market and with the absence of earnings
news it will be what the talking faces think will sell advertisements that
directs the markets. We narrowly missed
a fourth consecutive day of Distribution yesterday so we are not yet out of the
woods, be cautious.
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