NOON UPDATE
Markets continue to meander higher but no great buying pressure yet. Market internals are a pathetic 500 to the green clearly showing the uninspiring move.
Sector outperformers include oils, metals and small caps; trailing sectors are internets and financials and if they don't tick up this rally probably fail by 2:00 eastern time.
Homies got a bounce on the news of the value buyers but it is also failing, however, value buyers have the distinct advantage of being early on their trades.
Semis are higher with some tech but overall just blah action.
The question remains; did the markets sell off on inflation and rate hike news or is the economy rapidly slowing and will the rate hikes that fight inflation bring the economy down? And how about that Ticker Sense chart on inflation ramping out of control.
posted by DAVID at
12:14 PM
6 Comments:
The market is coiling, not meandering higher. I believe it will break out (upside) by 1:30. My studies are mostly based on 90 minute intervals starting a 9:00. And some homegrown indicators are indicating a short term bottom was set this morning; premarket.
.. And 2:00 in general holds significants however 1:30 is important today.
-Tom.
So much for your homegrown indicators Tom...perhaps you had smoked too much homegrown when you posted 40 minutes ago.
Looks like the blogger guy is spot on.
--Glenn
My apologies to you Tom...you actually got the timing right...it's just the direction that's wrong. Congrats!
--Glenn
Hey no fighting on my blog- Only insightful comments
Yes, the homegrowns need some work. The major driver is a system that analyzes the price curve shapes over consecutive days (including after hours trading in the ES). It turns out going back years patterns are consistent enought for me to offer my first post.
-Tom
Tom, Turns out your timing was off and direction right...my apologies
Sorry David, I'll try to stick with constructive comments
--Glenn
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