So ends another day at Mr. Market. It didn’t pull back as some suggested it might, but the low volume today may have something to do with it. I don’t have much to add except don’t bet against the flow. The trend is your friend until it isn’t.
Gold recovered a bit to 1642, Brent dropped a point to 125.02 and WTI oil dropped a point to 105.66. The after market on SSO showed a sizable (for the day) red volume sell-off – literately an even trade-off with the bulls ending at 57.30. SPY closed at 139.87 and FAS ended up at 102.50. The USD climbed as high as 81.05 and settled at 80.99.
Here is the 500 showing the resistance which is now the support if you can believe the charts.
The DOW at the close.
The Indexes at the close.
Don’t forget the financial reporting tomorrow morning. Goint to be interesting to see what Mr. Market does with the news.
See everyone tomorrow.
Written by Gary
