Good Morning! The market showed us both of its faces yesterday. In the morning, we saw mostly selling. Both the SPY and the QQQ appeared poised to either put in a classic ‘rest’ candle, or full on bearish engulfing price action. Apparently lunchtime in New York was very enjoyable, however, as the afternoon markets reversed back toward highs, forming a tidy ‘V’ pattern on both hourly charts. The QQQ put in its eighth new all-time high in the last ten sessions, setting up for a possible needed pullback into the end of the short week.
Two groups whose afternoon rebound was less than stellar were the banks, and the much maligned travel stocks. Resort names like CZR, MAR, LVS, MGM, etc continued their recent downward trends, with no base in sight.