Well, maybe. The economic news has been a real hodge-podge lately and the technical signals are equally mixed...stocks down, bonds down, dollar down...something's amiss here. With Friday being the first trading day of the month it SHOULD BE bullish...but its Friday, so the odds are skewed to the downside. the day started out with a glimmer of hope but gradually sank deeper and deeper into the red with SPY and associated indices hitting S3 and below. The NYAD was truly dismal and there were few buyers of any size to save the day. There was some recovery the last half hour, perhaps those hoping for a first day of the month pop, but the technical signals as such are still negative.
Then there's the sell in May crowd just looking for an excuse to go to cash so the bulls have their work cut out for them at present.