Dead Cats Don’t Bounce

S&P 500 futures indicated the market would open to the upside last Wednesday morning, following Tuesday's important decline of 1.0%. Indeed, stocks found support near the index's 50-day moving average. However, what took them down on Tuesday will persist for at least this week and next, so beware the dead cat bounce. See my report on the Dead Cat Bounce. SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones (NYSE: DIA), Powershares QQQ (Nasdaq: QQQ), iShares Russell 2000 (NYSE: IWM), Vanguard Total Market (NYSE: VTI), iPath S&P VIX (NYSE: VXX).

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