After Friday’s drubbing, yesterday proved to be a time of testing to see if more follow through selling would take the major indexes to lower levels. So far it did not happen as the markets moderately bounced off Friday’s lows but faded towards the end of the session.
Watching the futures, it would appear that Tuesday’s opening will be to the down side as investors were disappointed with the quarterly results from heavyweights IBM and TI.
Other domestic news items were pretty much a non-event in that they cancelled each other out. However, Europe’s sovereign debt concerns slipped back onto the front burner as Moody’s cut Ireland’s bond ratings by one notch.
Overall, not much was driving the market in either direction; our domestic Trend Tracking Index (TTI) moved slightly higher and has now reached a point, which is located +1.41% above its long-term trend line. There are no changes to our invested positions.