Fire up your barbeques. It’s Labor Day and Americans have taken a day off from looking for work.
Nice bump around the globe so far. U.S. stock futures are higher and Europe and Asia are popping after solid PMI numbers got posted from China and Europe. The PMI reading for for Germany, the combined euro zone and the U.K. all rose for the month.
August saw the lightest volume in fifteen years, so it’s not like the bears were taking things apart with reckless abandon.
If there was ever a month to pack it in and stay on the sidelines it might be this month. We all know that September is historically a miserable month for the market. I literally looked at bazillion charts this weekend, and yes a few look good, but most look horrific.
A 1540 target is definitely doable for the SPX, as that is a 38.2% retracement. Enjoy the rip but don’t take it to the bank yet.
Crude looks a bit lower and gold is down. Let’s see if the rip sticks, have a great day.