A significant gap up in the morning made things look interesting as for the possibility of another up-trend day. However, we quickly saw weakness and ended up retracing the entire overnight gap. This was a fairly choppy and frustrating session as we got nowhere fast or decisively. Some sort of pullback would be welcome but we should know better than to expect one from past history. The market tends to get those mini-pullbacks that are too shallow for institutional buyers to load up significantly and then the market keeps trucking higher. Levels to watch short term will be today’s high SPY 110.82, or a potential pullback into SPY 109.
Economic Data: Thursday – Unemployment Claims (512K)
Evening Reading:
- Virtuous bankers? Really??? (NY Times)
- How the middle class are shoplifting to keep appearances (Times)
- Trading a breakout MON (SMB)
- Buy the tanking futures program (SMB)
- Stocks have little room to the upside (Trader’s Narrative)
- Divergences on new bull high (Trader Feed)
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