Wheelhouse View of the Market

Interesting end to the week last week, but lately that is par for the course. Last week we successfully whipsawed the August lows and recovered nicely for 3 days. But as has been the case lately, the rally fizzled and had a volatile day, finishing near the lows. Yes it was a Friday, and nobody wants to be long with the Europe issues out there. The market is a bit news driven these days, but with earnings coming, maybe some of that will dominate the news less.

Market breadth is at the point where it needs some broad buying days to follow up the reversal from last week. We were in extreme oversold zone on the primary Market Monitor indicator and bounced nicely, so need to see some sideways action rather than these reversal days.

I am still only looking for day trades. However, in my retirement account I purchased some TNA after we had a broad rally off the bottom last week. I will be watching the action this week closely for that one. Good luck this week.