Timer Digest Market Commentary
Fari Hamzei
With NYSE Advance-Decline McClellan Oscillator hooked up from deeply oversold levels (-261 on Monday), the short-term bounce is finally here. The Friday after Thanksgiving, seasonality charts remind us that we have a bullish bias. Going further out, what bothers me is that all the market timers are trying to pick the bottom somewhere in here, which tells me we are not close to THE bottom.
I am still looking for huge volume day with indiscriminate selling climax, accompanied with outlandish vol expansion. The good long entry is several days later when we observe the vol retest. Until then, SELL THE RALLIES.
Have a Great Thanksgiving and always remember to take care of the less fortunate ones.....
