Good morning. Happy Wednesday.
The market traded slowly Monday and Tuesday…perhaps waiting for INTC’s earnings report. They beat estimates and raised guidance for the year as demand for computers was very strong. The world markets have done/are doing great…. The Asian/Pacific indexes closed up across the board with most gaining at least 1%. Europe is currently up across the board – all indexes are up at least 1%, and several are up more than 2%.
Futures here in the States are up a bunch. We’re gonna get a big gap up open.
Here’s the daily SPX. The high was tested Monday on light volume; yesterday was equally slow. I was hoping for a small pullback or at least some sideways movement before attempting a breakout. A higher high – especially when a gap is involved – is not an ideal technical breakout.
Here’s the weekly SPX. That very thin trading area sits overhead between 1100 and 1200.
Dow 10,000 will no doubt be approached at today’s open. Be on your toes. News induced breakouts are not ideal. We could get an hysterical short squeeze or a false breakout.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s Sector Performance
this week’s Earnings Reports
this week’s Economic Numbers
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