Drbob *** TA Update **3:09am
The market was dull in the morning and a rally in the last couple of hours resulted in modestly positive internals, with the NYSE u/d vol and TRIN figures becoming fairly positive.
The McOsi remains undecided to slightly negative but has indicated breadth momentum has slightly improved of late.
It appears selling pressure has dissipated once again as choppy action continues with no clear trend for the short and intermediate term having been established.
That may change in the next few days as there is a possibility of a choppy rally as bad news has not caused severe selling lately, perhaps a positive divergent sign.
Certain sectors such as ag/fert, solar and oil/natgas have performed very well along with selected techs.
High relative strength stocks and sectors are the place to be and any sustained rally needs to have better breadth and volume, otherwise, we shall continue to see choppy action.
Crude oil's strength may portend a stock market decline or it is a sign that demand is all right and that global economies are healthy enough.
In any event, there are avenues to procuring capital gains.
regards,
drbob
