Morning Report – January 13th, 2014
Even after a weak jobs report on Friday, the broader market in stocks managed to have a positive day. Even when the major indexes were lower, the small-cap stocks were in the green, and the VIX was dropping. Both of these factors were pretty good indication that the jobs numbers only had a short-term effect on the market on Friday. This morning, stock futures are negative but are improving as I write this.
The NASDAQ has once again reached the A accumulation level which is generally the signal that the index is overbought. All other technical indicators in Ian’s chart are green, and with the intraday reversal in the COMP and with it closing at 99.94% of its daily range, it is hard to be too bearish on this market. The small cap indexes close at 100% of their daily range which confirms the strength in this market. Read full report