In my first post I would like to discuss yesterday and todays action in the S&P 500 future. Trend down, trend up! Not a statisically likely scenario, but the government inflated GDP number this morning was too much for the heavy volume selloff we saw on tuesday. A couple important notes that I took from today. Once again, volume was heavier on tuesdays selloff. NYSE Ticks were obviously quite weak on tuesday and very strong on Wednesday. But, at the end of today we saw some very negative readings. That tells me the sellers are still thirsty. Based on the aforementioned I will look for a lower close tomorrow. We have some interesting data releases... personal income and spending. I am looking for some weak numbers. This should contain the morning buying frenzy. Furthermore, we have had 2 big range days in a row, and should look for some consolidation. I will look for a normal range day with a downside bias.
No comments:
Post a Comment