Good morning. Happy Thursday.
Here’s that chart of the S&P 500 emini futures contract again. Crazy stuff…tight range over the last 3 weeks…lots of big gaps…lots of sudden intraday moves and even more dull listless trading. The market has made a habit of gaping and moving the first hour and then doing nothing the rest of the day.
The Asian/Pacific markets closed up today – Japan gained more than 3%. Europe is currently up across the board with moderate gains. Futures here in the States suggest a gap up open for the cash market. The S&P made a new high yesterday but closed in the lower half of its range. Today’s open will be the index within a couple points of the high.
No sense over-analyzing things right now. Tomorrow, 60 min before the open, the Labor Dept releases the most recent employment numbers. Unless the data gets leaked, we may be looking at a slow day. No biggie.
Despite the crazy action, our trading list has done very well. Of the 28 stocks on the Long List, 2 are posting losses, 6 have not triggered yet and 20 are posting gains. That’s not bad. Perhaps a little luck is involved. 🙂
That’s it for now. Expect a big gap tomorrow, so it wouldn’t be a bad idea to trim losses or take a few bucks off the table with you winners.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers