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I was not so surprised to see the Energy sector doing so well yesterday. We've been expecting that next break higher for a while. I will say that I was surprised to see how quickly the markets shook off that jobs report , however. I mentioned in my weekend report that there were many nice stock set ups, so it was puzzling that the markets looked ready to break down. Well, just like that hypnotic dance forward in a conga line, the buy the dips crowd didnt want to skip a beat...
NAZ from my wkend report. I thought a gap down could break this wedge
Yesterday we saw a gap down and then the reversal higher, but I still want to point out this important point ...
Read MoreFridays Jobs Report said a lot, and how the various markets react should be quite interesting. The markets were closed Friday , so what will Monday bring? Check this out...
I'll start with the IBB WEEKLY chart. This isnt overly Bearish at this point, its still above the weekly moving average, but needs monitoring.It was last Spring that Biotechs sold off deeply.
Now lets look at the SPX & the NASDAQ, but first let me explain the possible implicaitons of the negative jobs report that came out Friday ...
Read MoreFriday the stock market is closed , but I have a lot to say after yesterday, so lets check the charts and see whats happening at the end of our trading week...
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In this chart Yesterday, I had pointed out that the NASDAQ had a gap to fill and support at the wedge, would it hold?
This is the chart from the close Wednesday...
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