11/24 - Market Analysis

SPX
- chart suggest we are just retesting the breakdown


SPY 30"
- highs at a decent resistance level on the 30"
- support is quite far away for even for a pullback, a few bucks can be made


XLF
- looks to be able to get one or 2 more days tacked onto this recovery rally


USO
- strength but needs continuation to be strong enough for a clear sign of bullishness


VIX
- looks to want to drop back down to 45...
- this can happen in 1 of 2 ways...either consolidation boredom for a week or a continued rally


A/D
- clear bullish day
- not 90%+ advance to decline though...pisani pointed this out...i wonder if it shows that the markets not as strong as they seem...not strong enough evidence to trade off of...


Analysis: many reasons to short this market at the EOD...seems to be just as many reasons to believe this rally will continue...but in the end, there aren't enough hints to short nor add to longs...best to wait until the market makes it clear that this quick strong spike in the markets is over...as i don't feel that the obama news nor C news is enough to cause any real reversal in the markets, i am favoring that we will make new lows after this is done...volume is lighter which is kind of bearish concidering how today was a pretty newsworthy day...i remain sidelined and on high caution for the next sign of breakdown

ETFs:
best - tan, xlf, rkh, xhb, xme, kol
worst - uup pph (xlu, gld, iyk, fxi)

- most sectors able to close near their highs (GDX is an exception)...bullish to see xlf and rkh lead the pack for a change...but as it was on news, it was very expected...not too bullish as it wasn't pure buying because they are good buy though...overall we can see that safety plays lagged and the deeply oversold did the best...not much to criticize here...to show true strength in the rally though, i would really like to see financials lead without any news...