SHORT TERM: This afternoon should be volatile.
A quiet night overseas as the Asian markets continued to nudge higher and Europe again came in lower: down 0.5%. Milan Italy’s MIB seems to be putting a lot of pressure on the european bourses. Our Bond market is under a lot of pressure this morning too. But surprisingly the stock indices opened mixed. After a few minutes, the large cap techs received some buying interest and the NDX rallied. The usual pullback then occurred until about 10 AM. After that they rallied again. Still we are only showing modest gains on the day. I’d imagine everything will go on ‘pause’ as 2 PM approaches. The large cap tech sector is starting to show some life. Expecting the NDX/NAZ to lead the market higher shortly.
INTERMEDIATE TERM: uptrend
LONG TERM: bullish