Despite the borderline mild bearish hysteria - most evident amongst the cheer leaders on clown finance TV, it remains the case that the market is still stuck in a very tight range of sp'1850/1815. Yes, the Dow has moderately broken a key low, but all other indexes are still comfortably above key supports.
*I'm valiantly trying to keep things balanced here..something that is often difficult to do
So..we have a Dow that has broken <16174....whilst the sp' holds >1815. Meanwhile, the two leaders - Trans/R2K are still very bullish, and the Trans is even threatening to close with net gains.
All things considered, bears face tough resistance in the days ahead. If the last few weeks have reminded us of anything, it should be that the down waves..rarely last long.
NFLX is holding the bulk of the gains, whilst EBAY has failed..and the 10% AH gains are now a distant memory. I happen to favour the latter, not least with a very real possibility of a paypal breakaway.
2.21pm..99mins of the day left... Equity bulls should push for a daily close >1830.
There will no doubt be a lot of bearish talk tonight...the 1700s..even 1600s will be back on the minds of some. I can only refer any of them to a monthly index chart.