Scalper1 News
Major averages rose Friday on lower volume. A bounce was due given the spike in the put-call ratio a few days prior plus the oversold situation, but its sustainability remains in question given the state of the global economy. Peak-to-trough, the S&P 500 fell -15.1% and the NASDAQ Composite -17.5%. A rally in oil stocks, thanks to a bounce in beaten-down crude oil prices, helped bolster the rally, while utilities chimed in with their own group strength. This argues for a more defensive posture by investors, despite the sharp market bounce off last Tuesday’s intraday lows. After last week’s two day bounce in oil and junk bonds, both are heading lower once again as the downtrends remain intact. As a consequence, futures are down almost half a percent at the time of this writing. Cash remains king. Scalper1 News
Scalper1 News