By: Scott Redler
The S&P traded through the year’s low, computers triggered some stops and then we came back above. It was a nice outside reversal day that should take some pressure off this market for the time being. Maybe that right shoulder will still have a chance to form.
Market is still heavy, however there is a chance to test the waters long now for at least a modest bounce. GS is leading the way, but the other banks need to play catch up. Big cap tech lagged for much of the day, but is coming back to life!
I am long vs. today’s lows in SPY, OIH, BP, JPM, IRE, and AAPL.
