Powerball Better Bet Than Markets

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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.

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

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

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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.