By: Scott Redler
It feels like today’s bounce should hold. 1,083-1,085, our first level of resistance was met. The next resistance checks in at 1,088-1,092 and then 1,102. As with anything else, in this bounce, you still need to be in the right place at the right time.
Freeport McMoran (FCX) and U.S. Steel (X) are finally bouncing. The banks are going up, but not powering higher. Amazon (AMZN) is very weak and the QQQQs are showing some relative weakness when compared to the S&P. Baidu (BIDU) looks very strong, Apple (AAPL) and Google (GOOG) feel like they are being dragged up with no real power. They are buying the bad news in Sohu.com (SOHU). The ags have a bid.
This is the type of action you get in an oversold market; however, it still feels like prices will move lower once the oversold condition is worked off.
