10/25/2010 premarket | Bulls on Wall Street

10/25/2010 premarket

 
 
Morning folks…futures gapping up nicely..we mightr be gapping up right near some resistance levels.  the g20 meeting countries pledged not to engage in a currency war wich is giving support all over the markets.   Oil is settling in the 82 dollar range. Keep an eye on oil its been basing  it might have 3 dollars of upside left in it..then typically it falls to the bottom of the range.
 
 
some levels to watch today  
 
spx 1189 (last weeks high) we might gap right above this.
 
spx 1120-1125 area is the next target
 
on dips we need to watch 1172 and 1162 for support or load up scenarios if they hold
 
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a few things to keep an eye on right now
 
 bullish patterns are still playing out.  Whether its earnings or econ reports. The patterns have ruled
 
BuyThedip trade still on. every bad day is getting bought.  So this is the low risk play till it fails
 
Earnings are strong.  For being a “great recession” corporate america is making trillions.  The big name companies that america is known for are making alltime highs and alltime earnings.
 
The dollar down/ market up theme is still working so that will continue to be our tell
 
 

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