Good morning. Happy Monday. Hope you had a nice weekend.
Half the Asian/Pacific markets were closed today – of the ones that traded, across the board gains were registered. Europe was closed. Futures here in the States are flat.
Payroll numbers released Friday were good but not great. Futures got a boost but obviously have come back down.
Crude oil is at its highest level sicne 0ct 2008.
I get the sense more and more people are expecting the economy to improve going forward – they don’t expect any type of double dip or re-entry into another recession. People are starting to get comfortable. Complacency is very dangerous.
There’s no sense repeating what I put out over the weekend. The trend is up, and the breadth indicators have cycled down to low enough levels that they could lend a helping hand to an attempted move up, but a pullback or sideways trading which will allow them to continue cycling down would be ideal.
Here’s the 30-min SPX chart. The trend is steady…price is getting squeezed by converging trendlines.
More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers