Good morning. Happy Friday.
With one more trading day left in July, the SPX is up 67 points – pretty damn good if you ask me. To tack on those types of gains on top of a big move already in place during one of the worst months of the year…that’s impressive. Volume has fallen off each month since the March low, but the trend of smaller candles is broken.
The index is now a stone’s-throw from 1000 …– a significant psychological level and the top Bollinger Band on the weekly chart. Here it is.
Coming into this week, I was a little concerned the banks were lagging, but they had a good week. There’s still work to be done, but this week has at least they’re catching up some.
As of two weeks ago, tthe Russell small caps were also lagging, but they’ve caught up.
The trend is up…my bias is to the upside…but I’m still not crazy about aggressively initiating new longs. Trade but be aware of a possible blow-off top.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s leaders & laggards
this week’s earnings & economic releases