Good morning. Happy Tuesday.
The Asian/Pacific market closed mostly up; there were a few 1% winners. Europe is currently up across the board; London is up over 2%. Futures here in the States point towards a positive open for the cash market that will recapture about half of yesterday’s move off the intraday high.
We entered the new week and new year with the trend being up but us being on our toes because there is a lot of non confirmation between the indicators and the indexes. Yesterday changed nothing. It got started with a bang, but although I’m long, I’m not yet ready to assume it’s going to continue. A false breakout is still one of the possibilities that may play out early this year.
Here’s the 15-min SPY chart. I can see early strength today failing to take out the high or taking out the high but not following through…and then coming down to fill all or part of yesterday’s gap. I can also see this same scenario playing out tomorrow, not today.
I don’t mean to be wishy-washy, but in the short term, anything goes. There is lots of ‘stuff’ that needs to be worked out, lots of pushing and pulling that needs to get back to equilibrium. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers