Before the Open (Apr 8)

Posted on by Jason Leavitt

Good morning. Happy Friday.
The Asian/Pacific markets closed mixed and with an upward bias; Japan was the only big winner. Europe is currenly up across-the-board. Futures here in the States point towards a decent gap up open for the cash market which will put the index near the tops of their ranges.

The market has been stuck in a range for five days, and I don’t sense much pent up buying or selling pressure. Dips get bought, rallies get sold. Neither the bulls nor bears have been completely in control over the last week.
Yesterday the early action felt very strong; the market felt like it wanted to bust out. Then the earthquake hit Japan. This put most traders in wait-and-see mode. Now that the dust has settled and no major damage has been reported, the market can pick up where it left off yesterday morning.
A near vertical rally which added 90 points to the S&P and lots of paper profits to trading accounts has not induced selling. An earthquake in Japan caused exactly 10 minutes of selling. More debt problems in Europe. A conflict in Lybia. Let’s face it…the default bias is up. You can’t trade this market any other way right now. Why fight the trend? 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 (Apr 8)”

  1. Some of my notes over the last week or so:
    Today, April 8th is a turn cycle date which
    means we might bust out and go up, or, possibly
    peak out and see one of those classic pop and
    drop events. 2. Yesterday I noticed the 30 min
    charts were starting to roll over, so I thought
    today there would be follow through to the downside.
    3. Bailed out of my NXPI calls yesterday with a
    small loss//today it is the wall street darling.

  2. Up today, the pump is still running and the AAII is very bullish. Gold makes me gitty. But silver is where it is at these days.
    Big shutdown day?? If it comes and oil stays up and goes to $150, does that mean we are shutting down the recovery? We finishing at the wall of worry or the wailing wall?
    I am long currencies and short a few too, Short treasuries, and I am still riding the RSP train to where ever it is going. I think one way or another this is an attempt to push to 1350-1400 and Dow 12450+. TYN to 3.70
    Hang on, leaving the station without an engineer.

  4. So far today this has been insto selling into strenght
    to keep the ny tick indicator in the bottom half below the zero line with a few tests of the extream negative—-are they setting up for opts ex
    of course they do have weekly and dayly opts ex
    Howard can we also have some thing downbeat—-swing low sweet chariot

  5. Well, Aussie JS: I am a big fan of Colin Hayes & Men at Work circa 1980’s.
    That’s how I found out about the almighty Vegamite sandwich. Hey everybody,
    didn’t I tell you that today was supposed to be one of those darn turn
    cycle dates? Neal W. Are you still at the hooker hotel? What room are
    you staying in? Room 102 or 103? Which one is it, I forgot. HW

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