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Today saw follow-through buying of a broad-based nature. Some decent earnings results out of the Industrial sector and the Consumer Discretionary sector helped set the tone this morning. Also, soft Services and Manufacturing survey data (PMI) that lowered market rates didn’t hurt either. Manufacturing PMI slipped back into contraction and
Once again early buying faded quickly with no specific news catalyst to account for the change. The S&P slid below my own trend line at $5040 before noon. There was another attempt to move higher in the afternoon which ran into resistance at the $5040 area, then led the major
Stocks logged sizable declines and Treasuries settled with sharp losses following a hotter than expected March Consumer Price Index . A day is not a trend. When dealing with economic data, one month is not a trend. However, I think we’ve seen plenty of evidence which way inflation is currently
After Tuesday’s gap down open I outlined 2 probabilities and two expectations that are a big part of listening to and confirming the message of the market. “Gaps love to be filled. It’s a rare situations in which they are not filled, resulting at times in a breakaway gap. I
"Changes in market character precede changes in market trends." Changes in character are most often discovered intraday. Benefit from real time analysis and alerts, whether you're a short term trader or a long term investor.
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