Hi HF,
>>All in all, I'll be surprised if the broad indices can rally tomorrow.
The employment report could not have come at a better time for this market. It seemed to soothe the jitters for now. Then again, maybe yesterday's late selloff was simply a hedge against a bad employment report. In any event, it's almost like the last 24 hours didn't happen.
With the reversal of general market sentiment, FORE is now free to continue what it started yesterday. The gap up open, although usually quite bullish, was less so today because of yesterday's anomaly. What is bullish, however, is that FORE has since "closed the window" caused by the gap up open (i.e., filled the gap) AND rallied all the way back. Volume is a lighter than I'd like to see.
So, maybe today will give us what we were looking for yesterday, a close >or= ~17.5, to confirm yesterday's breakout.
Before this week began I thought we would break out this week and close ~20. We didn't get 20, not yet anyway, but we may get the close above resistance. The latter would set the stage for a positive week next week, assuming the general market cooperates.
ed |
