BETTER LATE THAN NEVER

My tech guy helped me with a few glitches this PM, so I can now get my final post of the day out of the way.

The SPY closed at 128.66, a whole nickel lower than it closed at on Friday, but it had lots of gyrations in between as it hit a high of 129.31 and a low of 128.02. The internals also recovered from the intraday lows to 1,000 more losers than gainers. It had been as bad as 1,750 more losers. Remember, according to bubblevision (CNBC), the final sixty minutes is the most important trading hour of the day.

More importantly, the SPY did give a midday buy signal and the markets bounced off the oversold 2 day RSI readings of 9. The Volatility Sisters helped in the fight by also getting to near stretched levels of 9% above 10 SMA on the VXO.

The metals, oils and brokers were all higher with the standard gold indexes; XAU and HUI up about 4%. Technology stocks underperformed and that is certaintly not helping the bullish scenario. Tech stocks may be due for a bounce and will probably get one if there is any good earnings news in the next few days.

The SPY pivot for tomorrow is on the close and the support and resistance areas are also todays lows and highs.