Down, Up, all over the place,whacky, insane, delerious, nuts…. Yup, the market was all of those things this weak. In yesterdays market forecast I mentioned that follow through on buying today would mark Wednesday’s drubbing as a market bottom. WHEW….
After all was said and done, all of three big market indexes posted gains! No, seriously!
However, not is ALL rosey in the world. The market was lead down, and up, by financials and energy; however all other sectors posted losses for this week.
And, not too surprisingly, the list of best and worst stocks have the financials leading the way. Take a look at this article posted over at Bespoke Investment Group: Winners and Losers This Week
So what’s next? I still believe the market has put in a mid term bottom, and expect a couple week recovery. We’ll have to take a look at the technicals to see if we can establish a long term uptrend at somepoint; most likely in December. However, before you start jumping on the Bull’s band wagon, I’d wait to see something other than energy and financials moving the the right direction, improving the overall breadth of the recovery. I expect volatilty to be high, so for you options traders it’s time to start writing some options!
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