I hold off from writing at night about markets because markets do not seem to have memory from day to day. This morning, we get the opposite of yesterday. Simple as that. A gap to the upside to negate yesterday’s gap to the downside. Thrilled yet.
Even the moves in commodities are amazing based on overnight moves in currencies. But the bog picture has not change. Over half the market still not working but the half that is working, works well. It is just very narrow.
Yesterday, oil prices mauled…today, they gap back up. Commodities mauled. Today, they gap back up.
But we can continue to list a bunch of areas and a bunch of countries that just aint working.
NASDAQ/NDX/TECH/INTERNET/SOFTWARE continues to lead the way. There is still good action in some RETAIL, RESTAURANTS and a decent amount of growth names.
Earnings start up Friday with a few financials and ramps up next week.