Before the Open (Mar 30)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up; Australia, Hong Kong, Indonesia, Japan, and Singapore gained more than 1%. Europe is currently up across the board; France and Germany are up more than 1%. Futures here in the States point towards a fairly large gap up open for the cash market.

The Dow and Russell closed yesterday right at their March highs, so with gains the next two days, they’ll each finish March up for the month. The Nas and S&P are lagging some but are still in good shape and could still close up for the month if the next two days go well. This is pretty amazing considering what the market has had to absorb.
We’ve been down this road so many times. The market should drop for a number of reasons, but it doesn’t. It’s always better to trade what IS happening rather than what you think is happening or what should happen. And besides, trading what is happening is much less stressful because you don’t have to figure out the future.
There’s still overhead supply to contend with, and it’s a slight concern the move off the recent low has come on light volume. Oh and then there’s the fact that the S&P has moved up 70 points in less than two weeks and is still in need of a rest. The last few weeks have not been easy (market went straight down and is now going straight up), but if you maintained a level head, at the very least you’ve stayed out of trouble. 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 (Mar 30)”

  1. You know that I am a big fan of turn cycle dates, so here it goes:
    according to the 60 min & daily charts for all the primary indexes:
    2/18 high, 3/17 low, and next is the 4/8 projected high. HW

  2. NFP as per ADP 201K this is shy by 100K of stable employment. Oh well. This the end of month frolic as we say, so higher today. The speculation on interest rates is rampant, but unresolved. QE2, ends in june,but what is next depends on how many little ducks disappear afterwards. Remember we are preelection no amt foolishness is precluded.
    Long S&P, Energy and I am looking at Brazil again, mostly PRB. EWJ may be good for a while, and I am big on China energy and water and internet plays. Spread of puts for the summer. Just can shake that old feeling “go away in May”. Big hit on Wall street.

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