I am already reading the complaints calling this an oversold bounce and not all the right sectors participated. After the sharp drop this week, some type of snap back rally was to be expected. It’s comical that another Euro is saved rumored from Draghi gave us a big rally from overnight selling and turned both short and intermediate trend back up. GDP numbers are coming tomorrow morning and will likely be the next catalyst. We will also be looking ahead to next week when the Fed issues its decision, the European Central Bank meets, and monthly jobs numbers are released. There are certainly enough catalysts next week to break us out of this 7 week congestion zone.
