MARKET CARPET

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WEEKLY TECHNICAL COMMENTARY

This market has to be taken day-by-day. As a result, a weekly commentary is almost useless due to the excessive uncertainty. Use Friday's market recap for today, and the daily recaps throughout the week. Thanks!

BEFORE YOU GO ON ANY VACATION...

WEEKLY SECTOR PREVIEW

With the exception of energy, every sector is exhibiting bullish short-term signals. I said short-term because anything beyond that is indeterminable given the ever growing uncertainty in the financial markets. Volume is rising for many of the sectors, especially on the up days, and many have also broke out above the 20-day MA. A confirmation up day is needed for a safer, low-risk entry. This confirmation day will also be marked with large short covering. Any days from here on out should be marked with higher and higher volume. Energy is a lagging sector, but I believe oil will be up for a few days to follow the market leaders. The initial target is the 50-day MA, where an initial failure is more than likely.

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