Gap Up Changes The Odds

Yesterday, I gave a slight edge to the bulls for today. After this mornings gap up I believe the odds are now even. With the 15 point bounce in the S&P 500 from yesterday's low the bulls short term oversold argument is a little weaker. The bear case is that the bulls might be hesitant to buy in front of the weekend while the bulls will argue that we are now in the seasonally strong turn of the month period.

1 comment:

Anonymous said...

Overbought/sold...seasonality..it all means nothing right now. It's ALL about oil.