Futures are pointing to a higher open today, Thursday.
Yesterday – another tough day for the market. The Bulls, who had let that previous S&P500 880 line in the sand go, stepped up to defend the 870 level late in the day, and even mastered a bit of a bounce to the closing bell.
We have been patiently watching as technical conditions have deteriorated – along the way letting the warriors fight this one out while we stand on the sidelines. And it should go without saying that while we have been sitting on our hands as the battle plays out, we are all the while still looking at individual stock charts.
The S&P500 head and shoulders pattern is not to our liking, but, of course, it is still possible to find some decent looking individual charts that have held up pretty well. And there are a slew of stocks that seem oversold, particularly some of the oils.
The chances for an oversold bounce keep increasing.
And an additional factor in the whole mix is that there may be some interesting action next week as earnings season kicks into full swing.
We are, of course, following all of the news and have been particularly interested in the China/Rio Tinto situation -- something to ponder.
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