Short Notes: Back From Graduation

Well graduation has come and gone.  I am working on a longer market piece which hopefully will be done soon.  In the meantime market is set to pop this morning on some better than expected economic data.  Another reason for this is that the market has become oversold enough that probability dictates that some sort of rally should occur at this juncture.  {See this post from last week}. The percentage of stocks above their 200  and 40 day moving averages has also now moved to an area where probability suggests some sort of rally should occur. 

Whether this is a short snap back rally {a one or two day sharp move up followed by a resumption of the trend down} or the beginning of some sort of longer counter trend rally is however still up in the air.