Portugal debt issue and a China swoon were not able to overcome the big POMO day. Apple mania also helped the bulls with a Verizon deal to be announced tomorrow. Alcoa reported a slight beat on earnings and a slight miss on revenue. Alcoa receives a lot of attention because it is always the first to report, but Thursday night’s report from Intel will be the first real market mover.  After 3 small down days we are probably on the oversold side, but with the big POMOs of the last 3 days the bulls was not able to make any progress. The bears’ best chance maybe now, when the existing POMO schedule runs out tomorrow and a new one will not be announced until Wednesday afternoon.
Related posts:
