Large up day today but Keystone's proprietary algo remains short. In the early going today, the Nasdaq was lagging the S&P but as the day progressed the Nasdaq ran upwards stronger than the S&P bolstering the rally. Copper price, however, remained relatively subdued, moving up into the close but remaining in the bear camp as perceived by Keystone's algo. VIX remains above 30 as well so the rally is suspect and may simply amount to a 'Greece referendum-cancellation party'. The Jobs Report in the morning will affect the futures and provide an intial indication if today's move has legs, or, if it was a flash in the pan. Watch JJC and VIX.
The indexes have enjoyed a two-day pop, the NYA moving up both days for a higher high but the NYAD printed lower at +1700 compared to a +2400 high on Wednesday, showing that the participation for the move was subdued. The TRIN has posted two days in a row of uber bullish numbers of 0.6-ish, thus, the TRIN would like to see the market sell off again to send the TRIN back up to the top side of one.
Market bulls will be off to the races tomorrow if they can move the SPX two points higher, up and over 1263. The bulls need either JJC to move over 46.75 or the VIX to drop under 30 to confirm the bull rally, the bulls did not accomplish this task today so the rally is suspect. Markets remain at the mercy of Europe news. We will find out if the rally is real, or not, after tomorrow's open.
The Groupon IPO is on deck for tomorrow and priced at $20, $2 higher than expected; number 2's are appropriate considering this stock may change its name to Pooped-on in the near future. Traders continue mf'ing M F Global, now we know what the intials stood for all this time. Lots of interesting individual stock and sector stories are out there. QCOM launched 8% today based on great earnings and guidance concerning their support for Apple products, but AAPL remains negative on the week, now dealing with an iPhone 4S battery problem. Continue to watch RTH set up as a potential short as described in this mornings charts. Strike up the caliope, the jobs circus is back in town tomorrow at 8:30 AM EST. We see what the market bulls got after the opening bell tomorrow and if Keystone's algorithm wants to flip to the long side or stay short.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.