This week in the S&P 500 futures we saw a nice rise on Tuesday due to the US economy new and strong bank news as JP Morgan raised it’s dividend which has increased the sentiment that the US banking sector is now recovered and starting to become more profitable. This was compounded when the fed announced that only four of the nineteen banks tested for stress level failed. On Tuesday morning the initial raise in the market was due to exceedingly good retail sales despite the European crisis
All of this news has helped reign in the VIX and on Tuesday the VIX dropped to the 14.80 and has limited the opportunity for high frequency trading bots to have opportunities for quick trades.
This past Wednesday we had a mix market after a bug up day on Tuesday as Commodities markets were in focus more so gold which dropped fifty dollars in price down to 1636 at the close. This was also on the back of a stronger dollar Only Twenty percent of the S&P 500 sectors were in the green on Tuesday which presented some great buying opportunities in markets that have been on a tear lately.
On a separate note Goldman Sachs former executive Greg Smith wrote a piece that was all the news on Wednesday as he was quoted saying that the Goldmans culture had become toxic and that they were no longer focused on serving their clients but more about lining their own pockets first.
Take it how you will but there has always been a dagger in the back of Goldman and to me it’s the big guy in the room getting all the attention for reasons no needed.
Technically speaking Wednesday at the close it looks like will be the start of a bull flag, we are seeing it in other stocks and this is just a replication of those small stock patterns.