Markets acted bearishly to start the day Thursday, beginning decently, then giving them back, but around 11am started to make some headway, with both the Nasdaq and S&P 500 finishing up .4%. The S&P 500 seems to be the benchmark most are watching and the 1700 level seems for the moment to be pesky to get back through. Both the Nasdaq and S&P 500 are lower by about .5% for the week going into Friday. The wall of worry seems to be getting steeper with every session. Bullishness is at treacherous highs, but then again everyone seems to have flipped to leaning bearish. Underperforming money managers are emerging from a long hibernation hungry for some salmon to fatten their frail 2013 returns. As the domestic indicies stall and feel heavy, across the pond, the skies are brightening. Specifically Germany, the powerhouse of the region is acting well. EWG currently sports a 27.02 flat base trigger, with the DAX trading near all time highs made back in 2000 and 2007. The charts of AIZ VLKAY back up the healthy German thesis.
This article requires a Chartsmarter membership. Please click here to join.