Weak Mornings, Strong Rally’s
January 17, 2015 Steve Kalayjian – This morning the market opened weak and was over sold. The S&P Futures were down to $1970.25 by 10AM the markets began to inch upwards and by 11AM Steve found his first buy signal of the day. The Dow Jones Industrial Average closed up 190 points, the NASDAQ closed up 63. The S&P Futures were up low to high 43 points. While today the market was oversold, early next week if any rally appears that is that time to sell. Today the financial stocks Goldman Sachs, Morgan Stanley, JP Morgan, Citibank, Bank of America, all closed negative on Steve’s work on the weekly timeframe. If there is any rally in any of those stocks next week its time to sell. The market suffers when Financial Stocks are lagging behind. Oil was up over $2.00 and Steve believes that oil could have had a rally up to 60 but after seeing and analyzing the market trajectory he suspects it will be around 53 – 55. Gold was up about $8.00 and with any pullback to $18.20-$18.30 would be a buy. If there is a rally into the 17007 or 18000 range sell the US Equity’s.