S&P futures are hovering up around 5 points this evening. Japan intervened in the currency market, pushing down the Yen against the Dollar. This was actually a positive thing for the markets. Asia is bouncing but keep an eye on Europe. Watch the Jobless Claims tomorrow. The markets will like a number under 400,000 and dislike a number over 425,000. Between the two will be neutral. Then Friday, the Non Farm Payrolls will be reported. This will be major for the markets.
One thing I think is significant to note is the lack of spike in the VIX over the last few days. The VIX is the fear/volatility index. The last two days it barely moved higher. This is often a signal of a bounce in the markets and a leading indicator. Sure enough, today the markets began their bounce. This week has been insane in terms of volatility. I personally am exhausted yet loving it. As long as the bottoming tail does not get closed below on the daily chart, this should be a short term bottom. It would not surprise me to see a bounce on the SPY upwards of $130.50. Any changes in targets on current plays BAC, SSO, MMM or OXGN will be given via the Hot Charts & Alerts. For now, everything stays the same.
No new trade alerts will be issued tonight due to the coming jobs data on Friday. However, I still like JNPR. Even CIEN and OCLR look cheap and ready to bounce. CAT hit a major support on the daily chart as well. In addition, you can watch the archived No Hype Live Broadcast from tonight.