Hi Everyone
MARKETS HANGING IN THERE …
(apologies for those who experienced a data delay yesterday. I’m assured that was a one-off)
Tuesday-Thursday witnessed something of a pullback and then Friday the market sold off again – not drastically, but enough to keep any bullishness in check.
QQQ
The QQQ broke back above $58 and closed on Friday marginally below again. The OVI remains weak for now. My guess is that when the downturn does come, it will have been worth waiting for!
SPY
The SPY took its time about breaking support and then popped straight back up again. Right now after Friday’s close it’s resting just above it’s previous level of $133.
Stock Highlights
AAPL
We got the AAPL rollover as expected, followed by a 3-day recovery and then on Friday it popped back down again. The OVI is neutral and what’s needed here is a couple more sideways days together with a negative OVI in order to form an interesting bear flag scenario. Monday and Tuesday will show us the way.
The financial stocks have been really struggling as we’ve noted recently.
GS
GS dropped further down today to $135 – see how its OVI has been negative for over a month now. This has been so obvious – you really only need one of these every so often to make it all worthwhile.
C
Citigroup looking vulnerable with this bear flag.
More soon …
All the best
Guy