The overall market finished Wednesday slightly lower. Oil was higher by $0.54 to $98.40 per barrel, and Gold was lower by $4.20 to $1,596.90 per ounce.
A Few Thoughts Before the Open:
- In looking at the charts of the heavy volume stocks from yesterday’s trading I noticed that very few have a clear trend patterns of either to the upside or downside. Of those that do, the majority still have negative chart patterns. This is not really a positive sign with respects to a market rally.
- Based upon the news reports I am seeing it doesn’t look like the Greek crisis is resolved.
- The Debt Ceiling plan proposed by the Gang of Six may not be the solution it is initially thought to be. It looks like the plan is skimpy on details; but what it looks like it is lacking in budget cuts and heavy on taxes.
I just don’t see any reason for the market to rally today. I am looking for the market to move lower; and as a result I am looking for a stock to short and sell puts against the position.