A gap down on Wednesday following weak Durables data, cautious comments and estimate cuts in Financial, and a short term overextended technical posture in the wake of the recovery extension. So far the consolidation is narrow range and on lower volume, typical of a bullish consolidation. Financials led the way down and energy/commodities provided strength.After Hours Summary: ORCL -8.5% on earnings/guidance; CCU +7.4% (Bain Capital and THL Partners sue banks to demand completion of CCU acquisition); RMBS +4.6% (confirms that the co wins coordinated trial against Memory Manufacturers; RMBS was awarded $133.6M in damages)
2 comments:
Jamie,
Could the lower volume on the way up also be a bearish sign?
YR
YR,
Generally yes, but I'm thinking that the long Easter holiday and possibly spring break would account for the light volume. If that's not the case, the rally is somewhat suspect.
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