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9.26.2014 Bounce Day? Bookmark

 



Good morning folks, it's Friday and not a day too soon.

Okay, lets do a quick review here.

On Sunday I devoted the entire letter to the "idea" that the market was set up for what could become a fairly large pull back. We had all sorts of arcane indicators that were flashing the danger signal. But I also said several times that "we've seen this movie before", meaning that the market has been perched on the edge of a cliff multiple times and they just rushed in and saved us. I said it could easily happen again.

 

At 11 am the market is green. This makes sense as they often try and rush in and recover us from a nasty sell off. But, the volume still stinks, and the S&P is still below its 50 day moving average. 

 

But because Americans like "comfort food", such as football, Kardashians and weekend talk shows, they really like a green market on Friday and more times than not the market obliges them. So I do expect a nice green close. But will it spell the end of the selling? Will it be a one day event like Wednesday was?  We explore that in the Insiders Club. 

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