Friday, November 13, 2009

Morning Briefing for November13th: Holding the Lows

The market's ability to hold yesterday's lows on selling related to the consumer confidence numbers--and trade back above the 11/10 lows--was quite bullish, despite bigger-picture problems with non-confirmations of recent highs. As long as we can hold that level, I'm looking for further tests of the bull highs. Expansion of breadth on any such upmove--and outperformance by the recently lagging small caps--would strike me as even more bullish for stocks. Meanwhile, strength in the Aussie dollar vs. U.S. and strength in gold are supporting stock market firmness.