The reaction to the 2 strong updays in a row will be a foreshadow for the rest of the week. I am betting that we will go back down below 1090. If we don't, the drop becomes delayed and likelihood is that we go a bit higher, into 1110-1115 before going back down. This market seems like it will be in a period of consolidation till at least March. It is interesting that the recognition that we're in a correction is opposite to what one would expect with the good earnings and above-consensus economic data. I think this good economic data has made it hard for people to get very bearish here. Most are just looking for a correction and a resumption of the rally like all the other dips.
ADP Employment numbers are coming out which will shake up the market a bit. Expectations are getting higher with the better economic data coming out in recent weeks.
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4 comments:
Well owl, i am really bearish here this morning if that helps.
Getting short BIDU.
Who are those that are moving the futures down now, and why didn't they do anything yesterday ?
Probably longs that didn't want to miss out on another explosive bounce from a "bottom". The first hour of trading today will be quite telling on the strength or weakness of this market.
The first half hour was pretty strong.
Are you covering ?
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