Before the Open (May 7)

Good morning. Happy Tuesday.
The Asian/Pacific markets are mostly up. Japan is up 3.6%; India, Indonesia and Malaysia are up more than 1%. Europe is currently mostly up. Austria is up 2.3%; Belgium, France, Germany and Greece are also doing well. Futures here in the States point towards a positive open for the cash market.


The dollar is down. Oil and copper are down. Gold and silver are down.
The market did a whole lot of nothing yesterday, so nothing has changed since the weekend. The indexes broke out big time last Friday and closed at either all-time highs or multi-year highs. Key groups have improved and so have several indicators.
The trend on all time frames is up. You’re either long or on the sidelines or somewhere in the middle (moderately long). If you want to pick a top, go for it. The bears have been doing that for many years, and for every time they’re right, they’re wrong about 20 times. I have found over the years it’s better to trade what IS happening, not what should happen. Thinking too much is not advisable in this game.
Earnings season is winding down. That means reports will influence individual stocks but aren’t likely to influence the overall market. The economic calendar is light. News in general is light. This means the market is on its own. You saw what happened yesterday when the market didn’t have news to queue from – it went nowhere.
Don’t over-analyze right now. Sometimes you have to call a bull market a bull market and just go with it even if your analysis says it doesn’t make sense. I always assume the market is smarter than I am. This attitude has served me well over the years. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers