The bulls celebrate another day of upside. Some traders attribute the rally to short covering, but the bulls will take it.
The S&P challenged a resistance level of 1376 and closed just beneath it.
Hopes are building as Spain is set to most likely receive 100+ billion Euros by the end of the week.
We should reach a reversal soon as The PPT has the S&P @ 3.79 and the VIX is nearing 14 which has been a point of sharp reversal. Look for a blow off top in the next few days…..unless we see minor weakness to digest the recent lift. If that happens we may test 1425 S&P.
The clam is fully baked as he does not see a double dip recession. Perhaps the clam should stroll down main street.
If you look at corporate profits there is no problem. However, nearly half of all companies have missed revenue expectation and guidance has been ‘notso good ay’.
Gold continues to be weak, oil reaches for stimulus hopium, and the dollar sees a little weakness.
Today’s rally was led by technology, consumer cyclical, conglomerates, and capital goods.
DOW UP 102
NASDAQ UP 33
S&P UP 9
10 Year Note is @ 1.49%
WTI UP $0.67 @ $89.88
GOLD DOWN $12 @ $1577
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