Thursday Market Wrap

{+++} For the day the SPX/DOW were +1.25%, and the NDX/NAZ were +1.80%. Bonds gained 34 ticks, Crude lost $1.90, Gold rallied $32, and the USD was lower. Medium term support remains at the 1628 and 1614 area, with resistance at the 1680 and 1699 zone. Tomorrow: the PPI at 8:30, then Consumer sentiment around 10:00.

Short term support is now at SPX 1658-1667 and SPX 1636-1640, with resistance at the 1680 and 1699 pivots. Short term momentum ended the day at extremely overbought.

Other than metals and mining (XME), housing stocks were on fire today as XHB was +3.19%.

I added RVLT today as a long for a couple of reasons.  The chart looks very good and its a way to play the housing stocks should they stay strong.


I hope everybody had a good day.. This market looks very strong.



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