U.S. stocks were up throughout the day Wednesday but
gave up almost half of the day’s gains before the end of
today’s session. The indexes opened strong today after
a bond auction in Portugal helped ease fears over
European banks. Stocks later began to sell off after text
of President Obama’s speech on business tax breaks
was made available, and the Fed’s Beige Book showed a
deceleration in economic growth across the country.
From Schaefffer Research:
My view:
As summed by yesterday.. I think the market is scary but today's up is kind of expected. So for the next few days, I will pay attention to the S & P:
It will be in a new round of bounce back (overbought). If S &P can withhold 1090, it can go up to 1130. Or it will retrace back at least to 1040.
Let s watch tomorrow's jobless claim index. A bad number will definitely pull the market down as hard as it can.
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