If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Tuesday, November 28, 2017

Daily update 11/28

Now that was an exciting day.

Europe was up a bit allowing the futures to open up as well.  The market found buyers during Powell's confirmation hearing.  Financials especially liked his comments.  Mid day NK launched a missile sending the futures down 10 points from the high.  Once it was reported the missile hit the water the market promptly rallied back to the high.  Late in the day it was announced the senate tax bill made it out of committee which brought in a fresh round of buyers especially in small caps.  Breadth was +64%.  New highs increased to 206.  New lows also increased to 59 (way elevated).

The futures show the panic buying that ensued after 10 AM today. 

The green count showing some buying enthusiasm today.  Still below overbought levels.

Global markets were mostly positive this morning which allowed the bulls to step in and buy some stocks.  Intraday news helped the result considerably.  I hear talk of a vote in the senate on Thursday for the tax bill.  Obviously a failure to pass will get sold.  More upside I guess if it passes.  The market might pause until that vote after today's explosion.

As long as global markets behave there seems to be an almost complete lack of sellers.  Whether the global selling is over or just taking a pause I cannot say.  That seems to be the only identifiable risk to the market at the moment besides a failure to pass tax cuts.

No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.