Major averages finished Friday roughly flat to slightly higher near the top of their respective trading ranges after their initial fall early in the day. Volume was lower even though options expiration usually leads to higher volume across the board. Friday's lower volume perhaps indicates a tentative stance on the part of institutions as they question whether the bounce will continue higher or roll over.
A number of bearish signs persist including the prior bounce being the weakest since 2012, put-call spikes which resulted in a continuation of the downtrend instead of a floor, and defensive names trying to lead the market while former leading tech stocks staged weak wedge-like bounces such as GOOGL and FB.
The right short-sale set ups are key which includes the report sent to members on Friday.
Oil is driving stock futures higher. Crude rose more than 3% to $30.67 a barrel, after Baker Hughes reported a decline in oil rigs. Futures are up about 1% at the time of this writing.
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