Stocks had trouble getting off the mat to follow through with yesterday's big end of day rally. Markets flip flopped in and out of positive territory all day but closed in the green. This was the result of a somewhat fractured market though since it was primarily technology and banks that pulled the market higher today from what I saw. Volume was quite strong for a Friday rally at 1.2 billion shares, but still much lighter than what we've seen on declines the past several weeks. More importantly, like I said earlier, the market rally was fractured internally with only 67% of total volume to the upside. Far from impressive after a big hopeful surge in late day trading yesterday for the bulls. An accross the board buying spree with solid volume would give the bears some pause, or should I say "paws" (get it? a play on words there: pause = paws. Yeah I know, it was stupid). Anyway, so far, this rally is starting off looking corrective. So if we get higher levels I'll use it as an opportunity to add short.
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As for the euro, it too appears to be correcting in a choppy overlapping move higher right now. The larger trend still appears to be down so I'd be shorting into rallies.
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