The market was in a downtrend to start today’s session but starting to bottom an hour into the session. The bulls still have work to do just to get back to even and they only have another day to try and win the week. The second half of trading will be important but Friday will be an even bigger day despite the lack of economic news.
There were a few notable reports today that included Initial Claims, Housing, and the Philly Fed. The numbers were pretty good across the board and that has helped the bullish case but the bears are getting restless. Yesterday was the first day of spring and after a long winter of hibernation, we are watching for more clues for a possible pullback.
The dips have been bought all year long but at some point they won’t be. Next week is the end of the quarter so we could see underperforming fund managers chase while at the same time, the ones who have done well could lock-in gains. We will have a clearer picture over the weekend after doing the charts and reviewing the week but we are starting to prepare for a pullback.
As we head to press, the Dow is down 44 points to 14,467 while the S&P is lower by 6 points to 1,553. The Nasdaq is declining a double-deuce (22 points) to 3,232.
We have plenty more to talk about inside our Members Area so let’s get on it.