Good morning. Happy Tuesday.
Every market on the planet is up. The Asian/Pacific markets closed up across the board – there were several 1% winners. Europe is currently posting solid gains – the worst performer is still up 1.6% – there are several 2% winners. Futures here in the States suggest a big gap up open for the cash market. Fun times. What else is new? Lots of gaps followed by lots of listless trading. Here’s the 15-min SPY chart.
The bears have come out of the woodwork lately, but after 3 weeks of trading, the market is unchanged. So I guess you can say the song has remained the same. There are lots of reasons the market should drop or is supposed to drop, but it hasn’t/won’t. No matter what, dips get bought – even if it doesn’t make any sense. Why fight it? I’m not suggesting go long and go on vacation; I’m just saying the market’s nature right now is to move up regardless of what negative news hits the wires.
But until we break out from this range, it’s not prudent to hold positions very long. Take the money and run when you have it. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers