Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
We may have a few more days to get the excitement really going, but, boy, the gloom from two days ago is surely gone after Wednesday's rally.
We're in an up and down market, so let's keep our eyes on the coming overbought reading -- so far it doesn't appear like what we saw in the spring.
We saw some green in the Nasdaq Tuesday, while not so much for the S&P 500 and small caps – but things aren't weak like in April, so expect a bit more rallying to come as we edge into overbought.
Sometimes the markets -- like in tennis -- things boil down to the luck of the draw.
Just days ago everyone was in the pool, and now so many are cautious -- but the statistics still show we're on track for overbought later in the week.
Friday's action cooled off sentiment somewhat, with the Daily Sentiment Index for the S&P 500 down to 81 and for Nasdaq to 87.
Friday’s action is the kind that can help us move from Panic all the way to Euphoria –- let’s see if we can get it there.
Don't fuss over the S&P's rise to 3000, but know that the biggest challenge now is sentiment, which shifted decidedly this week -- also, the number of stocks making new highs is not faring fantastically, either.
With the employment numbers due at week's end, and the S&P 500 up five-straight days and the Nasdaq up six, Friday looks like a coin toss -- but a down day should cool off some of the newfound bullishness.
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