Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up, but gains were small. Europe is currently up across the board; many indexes are up more than 1%. Futures here in the States point towards a gap up open for the cash market. This comes off a day the S&P took out its 8-day low and then rallied big and closed at its high of the day.
I think yesterday changed the market. Barring bad earnings news, I the indexes should head higher from here. Last Friday’s selling pressure was just a 1-day event. If the S&P can take out 1100 and separate itself from the pattern, rallying 80-100 points is very doable. Here’s the 30-min chart.
Nothing else to say right now. My bias is to the upside. I’m no longer looking to go short. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Jul 21)”
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Hi Gang!
I am friendly with a trader on the floor. He tells me
that everybody is still in ‘sell’ the rally mode. Of course
this is only one man’s opinion so take it for what it’s worth.
I love halftime. The band plays, the cheerleaders yell and the teams change sides.
Damn! What did Uncle Ben do?