Is The Stage Set For A Rally?
The E-minis have made a second bottom,
which may or may not turn out to be a double bottom. Thus far, the low of the
day is 892.50, which is just below the pivot of 892.67. The 1.0 volatility band
on the SPX is 891.1, so we’re in the range. The TRIN, however, isn’t acting too
bullish at 1.70. After four down days, the odds are we rally tomorrow; we’ll see
if we get any strength into the close.
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Boston Scientific was given positive FDA
comments on Enteryx, and had an excellent fourth quarter as well. The stock has sold
off, but may try and recapture some of the earlier price levels.
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An article in Barron’s says that Pfizer
may be undervalued. The stock is trading near its intraday highs and could
easily challenge them.
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Harley Davidson beat estimates, but sold
off hard before rallying since 11:50 this morning. This may prove to be a
counter-trend rally, in which case the stock will go south from here.
Have a good afternoon.
Brice