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Friday Outlook: Opportunity Lost
As yesterday progressed, it seems the bulls wasted good buying
power.
I left for the airport at noon amid
a strong rally, but when opening the laptop to check on things at the hotel the
rally had fizzled despite a “stick save” into the close.
Yesterday I noted the McClellan Oscillator as oversold and it didn’t take much in the way of news to kick-start stocks higher. The retail sales data got Uncle Buck going too as bond yields rose which also hit gold hard early. That data was of course the result of refund checks Chucky was quick to spend. But, it also included higher food and energy prices that goosed the reading some. And, hey, we’re supposed to exclude food and energy prices according to Big Brother aren’t we? It’s only right. No matter how you cut it, this retail sales number may be just a one time event.
Bulls were also pumped up over declining energy prices until that dream faded as prices rose while stock prices gave up most gains into the close.
Volume was heavy again Thursday but breadth wasn’t very impressive and neither is Yahoo Finance’s math. Maybe they need Google just for some spreadsheet work.
Go to page 2 - Commodities, Emerging Markets >>
Comment on this article >>
I left for the airport at noon amid
a strong rally, but when opening the laptop to check on things at the hotel the
rally had fizzled despite a “stick save” into the close.
Yesterday I noted the McClellan Oscillator as oversold and it didn’t take much in the way of news to kick-start stocks higher. The retail sales data got Uncle Buck going too as bond yields rose which also hit gold hard early. That data was of course the result of refund checks Chucky was quick to spend. But, it also included higher food and energy prices that goosed the reading some. And, hey, we’re supposed to exclude food and energy prices according to Big Brother aren’t we? It’s only right. No matter how you cut it, this retail sales number may be just a one time event.
Bulls were also pumped up over declining energy prices until that dream faded as prices rose while stock prices gave up most gains into the close.
Volume was heavy again Thursday but breadth wasn’t very impressive and neither is Yahoo Finance’s math. Maybe they need Google just for some spreadsheet work.
Go to page 2 - Commodities, Emerging Markets >>
Comment on this article >>
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