Before the Open (Apr 30)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up. Europe is currently mixed with no standout winners or losers. Futures here in the States point toward an up open for the cash market.
It’s been a heck of a week. Up day Mon, big down day Tues, up Wed and big up day yesterday. For the week, the S&P is down 10, and volatility continues to pick up. Last week’s high and low have been taken out this week. I consider the trend to be up and near term movement to be in consolidation mode. Here’s the daily S&P. Volume has fallen off the last two days, but otherwise, is there anything hugely wrong with this chart?

I don’t have much to say right now. Sometimes trading is easy because there’s a gentle breeze at your back; other times it’s more difficult because the near term is cloudy. Such is the case right now. It’s still earnings season, and the market has some decisions to make, Don’t over trade or churn your account. Not having a position is a position. The market rallied 15% off its Feb low. Let it chop around and decide what it wants to do before getting aggressive again. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers