Bear Mountain Bull

Dip buying is back in vogue.

The market acted awfully pleased about something today — but I never could figure out just what it was. Gains were registered pretty much across the board, but volume was unspectacular, as has been the case with most of the ‘up’ days recently.

The bounce up off the recent lows continues:

Internals were positive, but volume was at or below yesterday’s levels. Advances/declines were 4 to 1 on the NYSE and 15 to 4 on the Nasdaq, with up/down volume 17 to 3 on the NYSE and 9 to 1 on the Nasdaq. New highs/lows were 90/3 on the NYSE and 52/28 on the Nasdaq.

All green in the groups:
Leaders — Paper (+4.82%), Steel (+3.36%), Disk Drives (+3.22%), Metals (+3.15%), Chemicals (+3.00%), Banks (+2.95%), Defense (+2.90%), Comp. Hardware (+2.79%)
Laggards — Gold/Silver (+0.61%), Drugs (+0.83%), Oil (+1.58%), Telecoms (+1.59%), Utilities (+1.60%), Health Care (+1.60%), Health Care Products (+1.68%), Hospitals (+1.69%)

Treasury Yields — 6-Month: .15%,  2-Year: .87%,  5-Year: 2.33%,  10-Year: 3.52%,  30-Year: 4.40%

Energy Prices — Crude oil: $79.85/barrel,  Gasoline: $1.991/gallon,  Natural Gas: $4.81/mmBTU

US Dollar Index — 75.721

Precious Metals — Gold: $1090.80/ounce,  Silver: $17.40/ounce,  Platinum: $1355.00/ounce

BMB Note:  
You know how we view things. We believe a top is in for many areas of the market — even in the indices, most uptrend lines have been broken. If those uptrend lines are recovered, well, that’ll be a different story. Until then, we’ll be looking for shorting opportunities. This bounce looks to be setting up some of those opportunities — we’ll wait for the bounce to fade to provide entry points.

Jobs number out tomorrow morning.