Before the Open (Nov 9)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed – Hong Kong dropped 1%. Europe is currently up across the board – there are no 1% winners. Futures here in the States point towards a small gap up open for the cash market.
The market closed mixed and flat yesterday, but some internal numbers were a little odd. Within the S&P 1500, the ratio of stocks closing in the top 20% of their intraday range to bottom 20% was 3.4-to-1. The ratio closing in their top 30% to bottom 30% was 2.4-to-1. You’d think the market would have been stronger with such numbers, but it wasn’t and decliners beat advancers 847-to-625. There definitely was a lack of uniformity – makes sense coming off a big news week.
Here’s the 30-min SPX chart. It’s as simple as they come. I find a couple trendlines along with a feel for the psychology of the market is enough for me. The trend is up, and although anything can happen in the near term, I continue to believe the trend will remain up. And even if a top formed soon, tops take weeks or longer to form, so it’s not like there will be a single best day get out and go short.

My overall bias remains up. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers