Market regains lost ground
After yesterdays close of the SPX and RUT with huge engulfing red candles, the market came back strong from the open and regained most of the ground. As it has been the case lately, all selling or dips are met with a bid to the upside. SPX lead the way retracing 61.8 % of the down move and RUT 50% of down move yesterday. There was no evidence of the effect of the Gold selling and Silver collapse as -if nothing happened today.
GOOG failed to make any headways today. The mighty mover is poised to make a 40-45 point move on its earnings on Thursday. The stock is basically basing here and waiting for a big gap up or down. LNKD on the other regained much of its loss today and back to the upper trendline at 184 area. It remains bullish after being slammed yesterday for 10 points.
Remember Friday is the options expiration day.. all things equal it is a bullish biased event.
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