The last couple weeks, gaps to the upside have frequently fizzled. We have not had a gap-and-go day in a while. This afternoon the steady rise in oil on Nigeria worries, a potential earlier tightening by the FED and steady reporting of a US government shut down finally triggered some selling. On the one hand this look like a typical week before option expiration were a dip was bought anticipating upside next week in the final hours. On the other, we have the weak part of the season for technology and potential supply worries. It would be a convenient excuse for companies to guide down and beat that number in the 2nd half of the year. We have GOOG reporting on Thurs next week along with a couple of major banks. We also have raising gas prices pressuring the consumers into the summer driving season. The current batch of POMO runs out on Monday and a new schedule will need to be announced Tuesday. I may be over thinking this as the trend have held up so well, but further weakness into Tuesday or Wednesday would be welcomed.
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