It's kind of like a tug-of-war. You have one group who thinks the markets have plenty of reason to go higher and you have others who think the markets are overbought--well, they're pulling in opposite directions on heavy volume and not many results.
Today, the S&P 500 closed down 0.31%, but it is still up 58% from the low hit on March 9th. The markets were given more positive economic data--housing starts and jobless claims--yet, it seemed the Bulls were running out of steam. Tomorrow will be a big test since it's a Friday and a lot of investors will want to lock in on some of these gains, maybe pulling the market lower. We shall see.
We'll have a full report in the morning, along with another article for the Taipan Publishing Group. Sorry, for the limited posts today, but the USA Today article brought on a lot of attention and most of the day was spent on the phone and analyzing our oil & gas model. Tomorrow will be much more active!
Talk to you,
Todd M. Schoenberger
LandColt Trading, Inc.