THE CLOSE

It’s not the news, it’s how the market reacts to the news. The news today was the fed maybe, possibly rolling back some of the trillions they printed. These printed trillions, in our humble opinion, were the juice that moved markets. Take it away and…you never know.

Wednesday was just one day but it was one heck of a reversal day off of a strong early day. Not only was it given all back but all back and more. And volume was quite heavy.

Regardless, we continue to watch the poor patterns being traced out in the financials…and now we watch whether the 50 day moving average for the major indices can continue to hold. It needs to. Let’s pay close attention to today’s action. Again, it is just one day but one day in the midst of a  5 week pullback.