Buzz on the Street: All News Is Good News for This Market
A look back at the happenings on Wall Street this week, as seen by Minyanville's Buzz & Banter.
Italy has finally burned off its overbought nature from the rocketship move it had. The dollar had its fun in the sun on that recent spike and is now drifting lower. This allows hot overseas markets to refresh and gain some internal power to move higher on both a dollar basis and a pure basis.
I am adding the iShares MSCI Italy Index ETF (NYSEARCA:EWI) today to bring the portfolio back up to 80% long. Italy is coming into its 50-day moving average on a beautifully controlled pullback. This type of move usually sets the stage for another leg higher.
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ZN (10-year future) retraced 50% of its pit session move from the FOMC high and stalls at 126'290. The bull case is not made until we close above. Today's move to 126'290 lines up with the daily chart, which so far is just bear flagging.
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