Before the Open (Mar 31)

Posted on by Jason Leavitt

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up; gains were modest. Europe is currently down across the board; losses are small. Futures here in the States are flat.

The Energizer Bunny market is back. It keeps going and going. Every little dip gets bought. The S&P has moved up 8 of the last 10 days and has gained about 80 points. Volume has been very light, so I’d characterize the action as more of a seller’s strike than aggressive buying. But it is what it is. The price movement is much more important than the volume. The Russell is at a new high; the Dow is close. The S&P and Nas are lagging but still in good shape.
Here’s the 60-min SPX chart. For what it’s worth, two different resistance levels come into play here.

Employment data comes out an hour before tomorrow’s open. The market feels strong enough to absorb less-than expected numbers.
Trade what happens, not what you think should happen. 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 31)”

  1. Zweig Breadth Thrust Triggered Today on the S&P 500 . This is very bullish but it does not mean there will not be some corrections. As a rule this calls for strength in the following 3,6 monhths out.
    I guess this is support.

  2. Jason had a good solid report this morning. Thank You!
    Next subject: the 15,30 & 60 minute charts are all
    overbought. Most likely we are reloading for the
    next leg up. Voila! April 1st; beginning of new quarter;
    end of month/beginning of month bullish cycle. More
    than likely we will fly out of the box tomorrow A.M.

  3. Be careful Neal….you’re walking on thin ice.
    Remember the last time you almost got banned
    from this website? Start hanging out with the
    homeless people underneath the Brooklyn Bridge
    and put some ‘gratitude in your attitude’. HW

  4. long only’s wanted their bonuses and fees—april fools day could be a suprise
    i have to trade what is—the 1 and five min chart is reality

  5. Just bought some XLV. A lot of folks have
    been talking about the Health Care stocks
    so I’ll give it a shot, at least through
    next week. HW

  6. Dow 13000 T shirt ideas:
    1. A hot air balloon with the gondola made of dollar bills on fire.
    2. A bull pooping three 0 shaped cow pies with flies forming a 13 and his tail pointing up. Caption, “Moo, moo, dow”
    3. A printing press spewing out dollar bills that form 13000 in the air.
    4. 13000 forming stepping stones between America and the rest of the world.
    5. Start with a Hoooters Girl T-shirt, felt pen and your imagination.

  7. RichE: make sure you post this bit of humor
    at tomorrows open. Maybe we’ll include one
    or two more, like ‘How lucky can a guy get
    with 13,000 written all over his T-shirt?

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