Failing Bounces
S&P 500 attracted buy the dippers early in the US session, only for the larger factors at play to bring it back down – the reversal following 20y Treasury auction (as if 4.82% was anything to cheer, but the bond market provided a reprieve nonetheless) fizzled out before the day was over. The European bounce didn‘t reach any technically important levels before reversing, so I wonder whether a better shorting opportunity appears during the US session today (and by better I mean a high confidence one) – even one contradictory to hot Philly Fed manufacturing data.
Crude Oil
(Click on image to enlarge)
First tentative moves at bouncing, then undershoot of $81, is likely in the days ahead in oil, and oil stocks wouldn‘t be spared. Its upswings proved looking suspect and little more than short-term reactions to Mideast war drums.
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