Power #Breakfast

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The market had wasted no time running higher this morning. After the past few days of selling, combined with the negative macroeconomic headlines being pumped to no end by the financial media, it was understandable to see sentiment amongst traders quickly turn pessimistic again. However, the charts of the key indices, most sectors and leading individual issues suffered no real technical damage. In fact, I would go so far as to describe it a a non-event, in terms of price action.

As the morning progresses, the key will obviously be seeing whether the meat of this move higher sticks. If it does through the lunch hour, then we are well on our way to a trending day. Moreover the “throwback” thesis to the trendline that I have been discussing of late on the S&P 500 will have proven true, which would fortify the bull case even more.