Big upside Wheeeeeeeee! this morning with the futures popping 1%+ as Europe ripped 2% higher right out of gate. Yellen is speaking at 8:30 but not much hard news driving things, just speculation on more stimulus and, of course, we knew we'd have to make those weak bounce lines by Friday. I would have rather made slow gains on good volume but we had great volume yesterday, so it was a nice reverse signal.
This will, of course, be fantastic for all those longs we repositioned to in the STP and, of course, will renergize the LTP and Income Portfolios as well.
So certainly not new-driven, just a technical bounce and we'll just watch our 5% Rule targets to see if they end up being strong or weak but, per the Big Chart above, we already hit our weak bounce target on the RUT (1,080) and the Dow was nearly strong (16,117) and NYSE made it's weak bounce so all good signs into yesterday's close.
S&P – 1,800 should hold. 1,840 (weak) and 1,880 (strong).
Nasdaq – 4,140 should hold. 4,232 (weak) and 4,324 (strong).
NYSE – 9,900 should hold. 10,120 (weak) and 10,340 (strong)
Russell – 1,050 MUST HOLD. 1,080 (weak) and 1,110 (strong)
Today we'll need all those weak bounce lines to hold and at least a strong on the Dow or we'll have to take the quick profits on the short ultra-short calls we have naked.
October 17th, 2014 at 5:26 am
Good morning!
Big upside Wheeeeeeeee! this morning with the futures popping 1%+ as Europe ripped 2% higher right out of gate. Yellen is speaking at 8:30 but not much hard news driving things, just speculation on more stimulus and, of course, we knew we'd have to make those weak bounce lines by Friday. I would have rather made slow gains on good volume but we had great volume yesterday, so it was a nice reverse signal.
This will, of course, be fantastic for all those longs we repositioned to in the STP and, of course, will renergize the LTP and Income Portfolios as well.
So certainly not new-driven, just a technical bounce and we'll just watch our 5% Rule targets to see if they end up being strong or weak but, per the Big Chart above, we already hit our weak bounce target on the RUT (1,080) and the Dow was nearly strong (16,117) and NYSE made it's weak bounce so all good signs into yesterday's close.
Today we'll need all those weak bounce lines to hold and at least a strong on the Dow or we'll have to take the quick profits on the short ultra-short calls we have naked.