Market had a nice uptick in all indices which was broad based which is considered very healthy....when all sectors participate including financials......
SO...it was NOT a feeble comeback as many were pretending on our favourite network.....
Internals were very strong......Advancing stocks and UP volume had a convincing lead....much stronger than the closing indices...
IF we go through 900 in S&P 500......there will be another round of short covering by those who are still "chewing their words"......
It IS important to KNOW that we are extended in this rally & MAY form a double top around 930 area in S&P...so....IF you are a trader be AWARE of this.......
I MAY also lighten up further around 930 area & reduce my trading exposure to 25% only.....as market MAY need time to digest all the gains since March lows......which will be healthy for the markets.......
BUT.... there is always other sectors which MAY shine while indices go flat.....I am thinking of Oil,Gold ,Mining as the next sector to go to while we mark time in market......
Futures are mixed with S&P UP 9.08......Dow Down 3.32 & Nasdaq Down 3.72.....
BLOG does NOT give buy or sell.
Saleem
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