Before the Open

Good morning. Happy Friday.
So what’s it gonna be today? Will the shorts throw in the towel and cause the market to rally big? Or will those that got long early in the week book some profits and cause the market to pull back? Or will we get some of both…perhaps an early move up to cause the shorts to capitulate followed by some late-day selling when the bulls take some profits? In any case, my bias remains to the upside.
I’ve said several times the last couple weeks the charts matter less now than they usually do, and I still believe that. How scared the shorts are and how eager they are to cover is more important than support and resistance. Nevertheless here’s the short term chart we’ve been using. Several times yesterday we stated on the Market Window our target was 750. Now the top of the most recent gap may act as support, and our next target is 780.

It’s been a great week. Let’s finish it strong. We’ve had numerous solid stock and option trades and some good discussion on the Message Board.
headlines at Yahoo Finance
stocks to watch MarketWatch
today’s upgrades/downgrades
this week’s earnings & economic releases

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