We started doing our homework Friday night shortly after the market closed because we were anxious to do some chart work. We wanted to see why everyone was so bullish because nearly every talking head and slick trading pro felt we were going to see a huge surge on the start of trading this morning.
Futures were showing a decent market open last night as we were finishing up our Weekly Wrap and were up about 0.5% on the Greek election news. However, we stayed up until 3am to watch the European open and futures were slipping. This led us to believe we would see a lower open this morning which we got.
We said last week the bulls would push resistance and it remains unclear if the market will get the big bounce everyone is looking for. Often times when too many people are on one side of the boat, it tips over. (Read More…)