Given today’s statistics, you may be able to ride this Market both ways. We are at a stalemate, but the Bulls can thank the four leaf clover gift from GM’s IPO and the Bailout of Ireland. So we are back to Snakes and Ladders:
The strong Bounce today gave the Bulls some breathing room with many Market Indexes showing Kahunas to the upside, which translated says that they had a 1-Day Change in %B of >=0.24. It now puts the S&P 1500 in the balance at a %B of 0.52:
The S&P 1500 %B stocks above 0.5 was as low as 33.9% yesterday and potentially heading down to below 20%, but snapped back to 52.2%:
…And here’s the picture that shows both sides of the coin. We are stuck in Limbo, but the Bulls are grateful to have that going into tomorrow:
As you would expect Grandma’s Pies offer a balanced taste between Sweet and Tart, but markedly improved from yesterday:
Likewise, the Inverted ETFs which were going full bore yesterday are now back to just holding the upper hand:
Tomorrow we have Options Expiration, so expect Volatility. The action tomorrow will be key to whether this Rally can recover or flop.
Best Regards, Ian.