Powerball Better Bet Than Markets

Markets Monday were mixed as a few buyers stuck their toes in the water trying to undo short-term oversold conditions. But the action was very selective as picky buyers chose to boost big caps modestly overall as the Dow gained less than 0.40% on the day. Breadth remained weak and more carnage was seen in commodity markets led by a massive drop in crude oil.

There was some buying in overseas markets like selective European areas (Germany) and Asia (Japan, Sooversoluth Korea, Australia, and India).

Market sectors moving higher included: Consumer Discretionary (XLY), Consumer Staples (XLP), REITs (IYR), Utilities (XLU), Tech (XLK), and not much else already mentioned above.

Market sectors moving lower included: Mixed but more like everything else once again.

Once again, courtesy of Finviz, is the heat map showing how mixed to negative everything else is.

Volume is still elevated and breadth per the WSJ remains negative. 

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Markets are becoming severely oversold and a rally of some dimension is most likely at hand.

The charts are doing all the talking. I’ll see you all again next week.

Let’s see what happens.