That was a boomin day. Not necessarily the easiest for intradayers since most of the move was front-loaded. But dang, you gotta love finish and strength that never pulled back. Volume was good – It wasn’t huge, but enough to show increased interest ahead of the holiday weekend. Have we made the turn? Have we finally bounced off of 1040 on SPX enough times and we’re ready to run to 1130?
CNBC, just a day after talking about how horrible Septembers are, is now featuring a special report called “rally on the street”. Lol. You can’t listen to these guys/gals. They hype up the obvious. Sure, you can play scalps based on their individual stock pumps, but don’t listen too closely. For example, today I added CRUS at 16.02 during a CNBC feature. We’ll see how that plays out tomorrow.
As you know by now, global data was pretty good and the U.S. ISM numbers were satisfactory… but, not a lot has changed and I really want to see what happens in the next few days before I move more cash off the sidelines.
Tomorrow’s Jobless Claims and Pending Home Sales could propel this bull move higher or take some of the wind out of the sails. We’ve gotta get some feeling of improvement in hiring and then the bull move will be for real.