Morning folks. futures showing some slight weakness. We might open .5% down on the S&P.
we got a busy day today..we have the start of the fed meeting along with 4 data reports starting with the home index at 9 followed with consumer confidence numbers at 10.
Once again we saw the market really shake off any negativity and continue to reward those that buy into weakness. The dow is very near 12k right now. We still have some ground to make up on the russell2k and that divergence is something to keep an eye on as its hard to make a run without ur uncle russell. the good thing about yesterdays action was teh action in stocks like $igoi there werent too many great breakout plays yesterday but there were incredible snapbacks on stocks taht were resting on major support ie moving averages or price support.
we’ve got plenty of catalysts in the market for the weak. keep an eye on spx 1296 for resistance and spx 1270-1276 area for support. we should break one of these 2 ways this week with earnings and so much data coming about. there is a good shot for next couple days though we just play in the range chopping around. Be careful not to overtrade and be wary of key market levels in terms of ur cash allocations.
also like omex, vg, zlc amongst others