First thing this morning I mentioned that a key first step for a short term reversal would be a close over the previous day's high at the end of the day. With 15 minutes to go this is now a real possibility for the S&P 500 – yesterday's high was 1360.62 and the current price is 1360.22. That said, even if it does not happen there was a nice bounce off the 61.8% retracement level – literally to the point (!) and a reversal intraday. Let's see if bulls can follow through during Turkey Week to deliver that long sought oversold bounce. Have a good one.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog