Valentines Day for the Bulls 2.26.2016
Happy Valentine’s Day
The futures have opened up big this evening as several of the Asian markets have traded much higher, perhaps based upon the strong close in the US on Friday. Unfortunately, for US stock and options traders, the market does not open for another 35 hours or so and by then who knows what will happen.
This was another down week but we saw a big move on Friday to the upside. Was this just short covering and an oversold bounce going into the 3 day weekend or something more. I make a case for both the bull and the bear argument. One thing is for certain, time will tell.
Please join me on my Top Down Journey thru markets, sector, industry groups and stock as I put together my shopping list for the coming week.
Remember that most of the stock movement will come from the the overall markets. The volatility over the past several months has certainly created quite a headwind for stocks. It is possible we may continue to bounce this week but at some point we will have to deal with considerable overhead supply and down-sloping major moving averages on the way back up. But again, bulls have to start somewhere.
Trade safe my friends