Coolhand's Market Analysis

The much anticipated GM IPO launched today and served as one of the catalysts for a market searching to stem recent losses. A lower dollar helped as the greenback shed 0.5%. And while the market enjoyed impressive gains overall, the S&P stopped short of closing above the psychological 1200 mark.

Also contributing to the bullish action was the latest Philly Fed Index, which jumped to 22.5 for November from the previous 1.0 this past month.

Initial jobless claims remained flat, while continuing claims dropped to 4.30 million, which was an improvement over last week's 4.34 million.

Here's today's charts:



Back to buys for NAMO and NYMO.



NAHL and NYHL also flipped back to buys.



TRIN and TRINQ are flashing buys.



BPCOMPQ remains on a sell.

So 6 of 7 signals are flashing buys, but the system remains on a sell.

We were due for a bounce and a bounce was delivered, now what? Sentiment remains on the bullish side so I'm inclined to believe the upside will be somewhat limited. But next week starts the holiday season, which is typically supportive of stock prices. That leaves me to think we may be chopping around for awhile. Since the sentinels remain on a sell I am content to just sit on the sidelines.