Tuesday, October 19, 2010

Finacial Sector

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The same as yesterday, the financial sector (see S&P 500 Financial index) is trying to push the market up while the rest of the US indexes are negative. On October 14-15 the S&P 500 Financial index has generated strong bearish volume surges (strong panic selling) and as a result we have a bounce up in this sector.

Over the last couple of trading sessions we have big divergence between market sectors - some of the market sectors are strongly bearish while other are strongly bullish. Then those sectors that were bullish became strongly bearish and previously bearish sectors became strongly bullish. In the result we have volatile trading.

P.S. US Dollar is up (see US Dollar index) and this is not in the favor of Bulls.

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