Fair values are at the moment are indicating a relatively flat market open.
At the open yesterday it looked like the Bulls had stepped up to the plate, but later their efforts seemed more half-hearted as the market slumped following FOMC news.
Just as we predicted, goldminers showed some strength, especially early – and despite losing some ground later in the day, still ended day day higher. Technology, financials and basic materials all fared well. And big oil and pharmaceuticals showed some weakness.
The market has that feeling of summer doldrums, but, of course, all it takes is one piece of news to create wild swings one way or the other. And we are mindful of folks who might want to play games to make end-of-the-quarter numbers – which could at least temporarily create a bounce higher.
We will continue to look at charts for both the long and short sides – and any moves that we make will definitely be tiny.
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