LATE MID-DAY NOTES

Yesterday’s thoughts that the reversal would lead to some upside testing is now taking place. The key is the 50 day moving average which was tagged by the dow and s&p and almost tagged on the nasdaq.  Looks like we have held support right where it needed and right where the big money crowd defends markets in pullbacks in bullish phases. And of course, the financials wake up, which is leading the day. Whether or not this really gets going is another story.

Also wanted to mention the oversold energy area also having a good day but rallies occur in bearish phases and energy is in a bearish phase.