10/17/2010 premarket | Bulls on Wall Street

10/17/2010 premarket

 
 
 
Morning folks. Futures under a bit of sell pressure. Nothing to be alarmed. There was some weakness overseas. Crude OIL USO is flat at the moment with gold gapping down slightly.
 
todays calender we have a few data reports but nothing of significance. We have
 
we have International Capital Flow at 9, Industrial Production & Capacity Utilization at 9:15, and the NAHB Housing Market Index at 10
 
most importantly people will be keeping an eye on earnings reports.  WE have $c this mornign along with $aapl and $ibm after hours. 
 
So far the market is still in an uptrend.  We learned a few things last week about the structure of the market 
 
 1. the financials took a dump yet we rallied. Many said market cant rally with the finnies. We did. looks like we dont need them
 
2. qe2 talk, weaker dollar talk==higher stock prices (this is big)
 
3. The divergences that we were looking at and talking about were pretty much VOODOO…technical analaysis often can be a joke. The divergences were beaten
 
4. People are still negative…that can give us gas.  first it was unemployment that held the market down now people are ssaying teh administration is holding it up for elections.  People are trying to rationalize the move which is very bullish. as most people are stupid.
 
5. the economy!! all the reports that came out last week. The expcations have been so low that they are coming in stronger than expected!  when this changes…it will be key to watch the market reaction.
 
all in all trade fast trade quick. dont get caught in anyearnings fiasco

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