With the market holding borderline significant gains, the cheer leaders on clown finance TV are happy and oh so pleased with the world. After all, everything is fine now, the correction is over, right? Arguably, bears should be cheering on a bounce to the 1810/15 zone...it'll make for an easy re-short level.
Whilst things are kinda quiet, I want to highlight the 10MAs...on both the daily and weekly cycles.
We have a very natural upside bounce zone of sp'1810/15.
*with heavy QE tomorrow, is it arguable that bears should simply sit back and wait until early next week.
Even better of course..another $5bn less QE-pomo a month..starting next week. The underlying bid on this market is at least being somewhat reduced.
Notable strength: FB +15%, TWTR +7%
weakness: BTU, -4.7%, worse coal miner of the day so far..the other miners are only a touch lower