It was not a Black Friday, but it was dark enough to have investors fretting as we headed into the weekend. We have become so accustomed to having late-Friday rallies that calm investors’ nerves. Closing out the week with a Dow off by more than 300 points was definitely disconcerting. Friday’s vibe was quite different from last week’s, when the Dow and S&P 500 had hit all-time highs. Bulls were singing and dancing last week, but this week certainly closed out with a more ominous tone. Stocks faded and fell throughout the session, and they closed at their lows for the day, with the Dow off 1.8%, the Nasdaq down 1.2% and the S&P slipping 1.6%.
For the week, we saw losses of 3.8% for the Dow, 2.9% for the Nasdaq and 3.5% for the S&P 500, and from a technical standpoint, some damage was definitely done.
The McClellan Oscillator is very close to a buy reading. If we were to get a down opening tomorrow, we would probably tag a strong buy signal. We shall see. Right now S&P futures are currently +5.25, DOW futures +41 and Nazz futures +11
NEW BUYS
INSY is in a bullish channel and may be a breakout candidate soon. Buy the 42.50 level.
CLVS found support at the 100 day moving average on Dec 1 and has based and is moving higher. Buy the 55.60 level.
