Wednesday, February 2, 2011

Nothing important today

With only a 3 points drop after a 30 points rally in the last two days nothing has changed at the technical level. Some people argued that the Friday's drop was due to Egypt unrest. I disagree, Egypt had little to due with the market at this point, if it was for Egypt today market was suppose to plunge bellow Friday's low since the situation in Egypt has deteriorated. It's all about sentiment, it's about how the market players are digesting the economical news.

Let's see how tomorrow is market going to react to VISA and Master Card earnings. I am not sure how much they could influence the market but in the absence of anything else maybe they will matter.

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