The markets opened slightly weaker in the wake of higher than expected Initial Claims and a ratings cut for GE. However, better than expected retail sales and some M&A in the pharma and biotech sectors helped fuel another rally. Also sub committee meeting on mark-to-market accounting rules and positive comments from the CEO of BAC kept the rally going. Broad based rally with little in the red except the $USD.This has been the best 3 day run since November, however we are moving into more resistance as highlighted on the NASDAQ chart as we approach overbought levels.
Economic calendar Import/export, trade balance in pre-market, and Michigan sentiment at 10:00.
2 comments:
amazing how what the CPC chart looks like right now. people very comfi right now the worst is behind us. rally might be starting to run on steam soon.
Today's a bull/bear battle. But I'm thinking the bears might take the close.
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