Oil took a short term bearish direction this morning, which you might think would be bullish for the equity market.
However, the Financials remained bearish all morning while the rest of the market was trying to be bullish.
At the beginning of the afternoon, the market could not overcome the bearishness of the Financials and traded down to the low of Thursday. We will have to wait and see how the market reacts to the test of Thursday low.
The NYSE Advance - Decline Line remained in a bearish trend all morning along with the $TRIN culminating in the rapid lunchtime sell off.
Charles
No comments:
Post a Comment