Even though the news has been dismal this week, investors have to keep an eye on the July Lows. As long as the Dow and the SP stay above those lows, you have to be ready for some good news. If you take those lows out, the market will sink lower.
More Quotes from Ken Tower:
We're thinking that yesterday's rally will probably go back down and test the low today... So, this afternoon, we're looking again probably for the market to sell off.Ken Tower
Investors rejoiced yesterday as energy prices fell, but they ignored rising interest rates. I don't think it will be too long before the focus shifts back to rising rates and an inverted yield curve.
Ken Tower
Financials led the sector rally yesterday. Tech has been getting a lot of bullish press recently, but its relative performance continues to suffer. It's premature to put this into the leading sector category.
Ken Tower
This is pretty much a continuation of what we've seen for four months now. The value stocks are doing better and people are moving out of technology.
Ken Tower
The market has been stuck in a very tight trading range for a month. Yesterday's NYSE volume of just over a billion shares makes me nervous. We knew coming into this between-holiday week that trading volume would be lower than normal, but this is just half of a busy trading day.
Ken Tower
This rally is very fragile, as it is being led once again by energy stocks and not technology or finance. This is no time for the bulls to relax.
Ken Tower
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