Today we saw a nice amount of panic buying across the board. Right now it looks like we have put in a nice bottom. Top players today were financials, homebuilders, retail. Anything that can benefit from a rate cut. Mastercard (MA) came out with a great earnings report and was a great intra-day trade as it crossed the important 200 level. This was the Right shoulder of the Head and shoulder pattern. But the market sold off in the last 5-10 minutes as players didn't want to hold into tomorrow' jobs report.
The rally will continue for a bit longer irrespective of the jobs report based on TA. This morning, we have news of Microsoft's offer to buy Yahoo sending futures soaring. I guess now, we have enough reason to keep the market green irrespective of jobs report, thereby complementing the TA.
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