What A Week It Was...
Up... down....down... up and Up was the shortest summary for today’s action with no catalyst to explain it, besides that we were oversold and ready for a bounce. What led us to believe that we would close higher were these 30 seconds when the s&p traded from -40 to flat on no news, good or bad. It probably meant that we were oversold or that somedody with pockets large enough wanted to think we were. The rebound occured right from the S&P500 200dma. Oil still closed 2.2% lower on lingering supply concerns. Currencies were quiet with a recovery bias for EM currencies and some give back from safe haven currencies (CHF and JPY).
Check our Weekly Confidometer blog post for a review of our different gauges of market sentiment.
BentinPartner Advisers, Basel
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