June 13, 2008
Don’t be fooled by today’s action. First, the volume was weak, so there wasn’t a lot of conviction by buyers with today’s rally. Secondly, most of today’s buying was on the part of short sellers covering their positions. If you’re not sure what short selling is, just read about it in our glossary. Oil was down which definitely helped with today’s rally, but it wasn’t enough that the bulls could have pulled off this rally single handedly. So we urge skepticism with today’s rally, and instead watch for whether, the bulls over the next week or so can make up some of the lost ground of late.
Today’s rally does little to change the market environment, and if oil goes back up again next week, then expect the markets to sell off once with it. Consider tightening the stop-losses from today and yesterday’s gains no matter how small they might be.
Here’s the NASDAQ and S&P Charts…
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