With oil prices breaking above the $100 mark, the market still managed to hold steady depsite a near break down intraday. Volume was light but breadth was good on NYSE. Apple, semiconductors, and a couple of other big-cap technology names helped the NASDAQ. I want to note that the signals on the dashboard and daily SPY signals had navigated the market well starting with a cautious stance right before the Libya fall out, then signaled long with good odds of reversionary bounces a couple of days back and went again to neutral before the dip yesterday. The market may stay range bound with the dash board back to a neutral reverting signal with an upward bias from the daily SPY signal into the nonfarm payroll number on Friday. Even though I would like to see a test of the 50ma, I am keeping an open mind on potentially more upside in this POMO environment.
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