The market has put together a constructive pullback over the last two days to trim the surge off last week's low in half. Weaker than expected retail sales results and WMT's downside guidance helped push prices lower in the early part of the session, but the markets were able to push off the lows in the second half. The NASDAQ was stronger closing up 1.1% vs. 0.34% for the S&P.Jobs data will set the tone for tomorrow's trade. If the market shrugs off the data and rallies, the bear market bounce will remain intact, if not we'll have to come up with a new strategy. In the meantime, here is a focus list of stocks with solid bases. Also AMZN (prelim. target $60.00), GRMN, FLIR, and PLD still in play.
2 comments:
Looks to me like a rising wedge forming since the beginning of December on SPX. Given the declining risk appetite showing in the Fx market, my call would be for a downtrend to form and a retest of the November lows.
Yeah, it's starting to feel that way. I'm trying to remain neutral until we get a little more evidence ie. lower low or lower high. Should become clearer very shortly.
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