A bright good morning to all. Brighter than yesterday, at least.
We didn't get a rally overnight but nor was there another wipeout on Wall Street. The Dow bounced off the psychologically important 8000 level and recovered 200 points to join the S&P in the green for the day. Both closed up a skinny 0.1%. The banks were absolutely pummeled again - the S&P Bank Index fell nearly 11%. Expect some flow-through to our banking sector today.
Oil mirrored the Dow by climbing off its low but still finished down 5%. Gold held its ground but base metals were generally weaker.
Futures traders have decided there is enough positivity in all of the above to warrant an open here around 40 points up on yesterday's XJO close. Perhaps. There are a lot of potentially market-moving economic numbers due out tonight in the US with little reason to expect good news. That prospect may weigh on our market.
I like to buy equities close to support levels and yesterday's action leaves plenty to choose from. I haven't done a complete scan of watchlists but candidates include AMC, ALL, AWB, BMN, BKN, BXB, CMJ, FLT, GUD, hil, MAH, MND and CEY.
