Today really felt like a win for the bulls as the market was able to shake off really negative news on the jobs report and rally into the close on somewhat higher volume. It seemed like the news was bad all week and although we closed lower on the week (DJIA -193, NASD -26) I have to believe that better days lie ahead now that my market timing system gave a buy signal on today’s close. As sad as the automakers situation is I think that’s where Wall Street is going to key off of next week and the slightest bit of perceived of good news should send this market higher.
It’s really hard to be too positive on the markets when you start looking over the charts, but TLT and IEF could have potentially put in short term tops with their sell-offs today and that usually coincides at or near market bottoms. The VIX seems destined to move to more normal levels and December is usually a positive month so the market could find it’s legs and finish out this miserable year with a Santa rally. I will be just as suspicious of any rally attempt as anyone, but no market moves straight down and this one doesn’t really seem to want to drop any further at the moment.
I’ll be posting charts of different indicators I follow that support my bullish stance over the weekend.
