We were prepared for the gap up overnight with the 50 SMA and Tuesday's low an area of support.
Now will we successfully be able to get over the 5 SMA this session and change the trend now that shorts are caught off guards or will we see continued selling?
Those are the answers we will be looking at in this morning's session.
BCA finds that a surge in IPO activity is historically associated with weaker forward S&P 500 returns and less multiple expansion.
Source: BCA Research
I wish everyone would quit calling uneducated (dumb) money in the market "retail" as if to imply institutions are so smart.
There are a lot of smart individuals who consistently outperform the market and there are many big name institutions who fail miserably.
Let's just call it what it is, smart money and dumb money.
Silver $SLV is nearing its first daily RSI close below 30 in well over a year.
Following similar signals historically, it has never been lower 2 weeks to 1 month later.
Is it time to buy the dip?
Oracle $ORCL reports earnings after the close today.
The options implied move is +/- 13.2%.
Here's how they've reacted following prior earnings releases in recent history: