We had a bounce in the final few minutes of trading, but it was a rough day for the bulls. We had weakness across the boards as renewed oil- and commodity-selling spilled over to stocks due to the stronger U.S. dollar. We are still holding key support levels but a positive report from Cisco is being sold after hours.
There is also the recent debate about raising the capital gains tax that I am not reading too much about online, but could have contributed to the fear today. We may get more retrace tomorrow morning, but it could set up another buying opportunity into option expiration and the new pomo schedule. I also have read this excellent study by Quantifiable Edges today offering a glimmer of sunshine a few more days out.
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