Good morning. Happy Thursday.
Asia/Pacific closed up across the board. Europe is currently mixed with a couple 1% winners and losers. Futures here in the States suggest a small gap up open for the cash market.
But I wouldn’t get too excited about a small gap up. The indexes have been all over the place lately. Everything gets faded. Rallies get sold; dips get bought.
I’ll repeat what I stated yesterday. Within an uptrend, the market acts a certain way. If it stops acting as it should, we can conclude the uptrend no longer exits. Right now there are several indicators which have fallen to levels that have, during the rally off the March lows, led to bounces. Here are two. The 10-day MA of the put/call and the percentage of S&P stocks trading above their 10-day MAs. Failure of the market to bounce here, failure to adhere to the indicators, would suggest the market is changing. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers