Shrugging Off The Negatives

Published 05/13/2012, 02:57 AM
Updated 07/09/2023, 06:31 AM

This is always a good sign — not easy to shake off the blues in the Financials, so it will be important to see how the SPY acts here at its daily VWAP. I have been traveling this week and it’s good to be back gang!
SPY CHART
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The market worked very hard to shake off a steady dose of negative news, but there was just too much of it. It was impressive that the market consistently bounced back from weak opens, but there is no upside momentum and the market is barely holding above support. Next week is the much-anticipated Facebook IPO, which has the potential to improve the mood during option expiration week, if it gets off to a good start.

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