Recipe for Snapper
Coming into the week, here's a few observations that suggest the possibility of a more pronounced appearance from Snapper.
- Last week marked the sixth consecutive weekly decline for the SPX. As the table below illustrates, this is a rare occurrence and one from which Snapper may well emerge.
- There are potentially bullish divergences between the SPX and BKX (see chart below).
- At Friday's low, the NDX completed a 10% correction from the high posted on the June 30 FOMC meeting.
- On Friday, the NDX traded below the Q2 low and in the process marked the first lower low on the quarterly chart since Q4 2002. As I mentioned in the Buzz last week, this was probably the initial downside objective for Boo.
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