Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets had great days today – everything closed up with several 1% winners. Europe is currently up across the board with also with several 1% winners. Futures here in the States suggest a solid gap up open for the cash market. The S&P in particular will open near its high.
Last week we got a strong Monday and then 4 days of consolidation. The charts somewhat reset, so I was able to post numerous long set ups on the Long List.
But I’d prefer a market to open flat or even down a little in route to busting out (I hate big gaps which break stocks out of patterns); it is what it is.
There’s still a little tug of war going on. The Dow and S&P have recently made new highs, and the Nas isn’t far behind. But the small caps are lagging big time. The dollar accommodates the market’s rise, but thus far hasn’t been able to break down through 75. The banks are also lagging.
The trend is up but we are not without warning signs. My bias of course is to the upside…did I mention that I hate gaps. 🙂
Nothing else to say right now (this is typically the case after writing a report over the weekend).
Is the market really going to gap and run here? We’ll see.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers