Thursday, May 10, 2012

10 May 2012

 Bears +1 for the longer term.
 Bulls +1 for the medium term.  I like that this hasn't went below the lows from April yet.
Bulls +1 for short term.  Still in oversold territory and didn't go below April low.

On one hand, it seems like we are seeing strength, but it kind of also feels like no one cares enough to panic and sell.  We have only had a few near 1% losses during the recent decline.  There has been nothing violent at all which seems a little complacent with Spanish bonds are over 6% again.  Also, we are still extremely overbought using my long term indicator.

In short, I don't really have strong feelings either way, but you can see what the numbers above are telling you.

The JPM news wasn't good for futures after hours.  We will have to see what impact it has on regular trading hours tomorrow.

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