Today was a day to keep us honest. Futures ripped higher overnight, paired hains overnight, opend higher and then failed as the market thought the Spain situation was merely a band aid. It is a band aid, no secret, and the market can still trade higher, but the sellers won the day.
If you remember last Thursday we had a bid reversal down after a big yp Wednesday. Similar today in that we gave back Friday’s gains.
The market is still a wreck about Europe, but the technicals that I watch are still turning bullish for now, even with the sell off today.
I didn’t trigger the new names this morning as the first hour was too volatile after the opening spike high. Try to stay away from the first hour of trade especially in this market.
See you in the morning.