Well today was the ying to last Thursday yang. I was not impressed with last Thursday's sell off and said so. Was not impressed with today's buying spree and am saying so. The market is in no man's land with no conviction. Everyone is just watching. Volume was non existent today. We were up on backward looking consumer confidence number that really doesn't mean anything. The arguablly more important number, housing prices came in below expectations. I was actually shorting a little at the close. Haven't done that in awhile. Was not impressed with the rally or the supposed reason for the rally. Of course that hasn't mattered for the last couple of months and we may break higher but we will see.
The bulls do have something going for them this week. The end of the month. Institutions are still trying to catch up to get exposure and we have an up month this month causing more chasing. Investors won't want to sell exposure right before the end of the month so you have some potential sellers sidelined. If we can hold over the next several days next week could be ugly especially leading into what will be another dismal jobs report.