A slightly disappointing jobless claims figure dampened the mood pre-market. Sellers quickly took hold and pushed the market to the lows of the session. It didn’t take long for buyers to step up and reverse the market’s fortune. It appeared the fears over Greece’s debt deal were overblown and after the market closed news came out 95% of Greece’s creditors agreed to the debt swap. At the close volume was higher on the NASDAQ, but slid on the NYSE. With Greece behind the market for now all eyes will be on tomorrow’s jobs report.
Today’s move removed the short-term oversold condition, but the rebound over the past few days has been mixed. The NASDAQ is certainly in better condition than the S&P 500 as volume is more favorable. It is anyone’s guess where the market will go next, but we’ll have a plan of attack for whatever the market has in store for us.
Sentiment has come down this week aided by the sell-off occurring in the middle of the week. AAII bulls dropped to 42% while bears were rose slightly to 29%. Not quite the drastic move, but with only a 3% drop in the NASDAQ this little drop was not that surprising. Further consolidation here would do the market some good before moving higher. Given the jobs reports tends to provide the market with wild swings it would be nice to see the market rest a bit prior to moving higher. The market will give hints as to where it wants to head next. You just have to listen.
The Big Wave Trading market model is back to neutral after two days of a rebound. Any further selling on volume would certainly bring on another sell signal.
Get out there and enjoy a nice weekend!
No comments:
Post a Comment