Joseph, yes, the volume ended up higher than I wanted, and I certainly didn't like the fact that it closed on the low of the day, on increasing volume. Selling was pretty intense, FBCO, REDI, HRZG, ISLD. Big blocks flying.
My projection is based on cycle work and the McClellan oscillator. It indicates that most strong stocks should have seen their lows already. Neutral strength stocks should see their lows early next week. Weak stocks could lag even more. But later in the week, I expect a broader rally. The econ numbers threw a bit of a wrench into this, though honestly, I don't see anything wrong with the numbers - it indicates the economy is strong, so it should be good for corporate earnings. I guess the trouble is as some see, is inflationary pressure (wage). That could force AG to raise. So, the bonds freak, and the market is pricing a hike in.
Morgan |
