Thursday Market Wrap

{+++} For the day the SPX/DOW were +1.05%, and the NDX/NAZ were +1.25%. Bonds lost 33 ticks, Crude rallied $2.70, Gold dropped $13, and the USD was higher. Medium term support now rises to the 1699 and 1680 levels, with resistance at the 1762 and 1779 levels. Short term support is at the 1699 and 1680, with resistance at SPX 1717 and SPX 1734.Tomorrow: monthly Payrolls at 8:30, along with Personal income/spending and the PCE. Then Factory orders at 10:00.

The SPX finally blasted through the 1699-1700 level and held above on the close. Very bullish. Bernanke is still in play and so is the market.

I started the new August P&L tonight and have carried over any active names from July.

I triggered GE today and I also added BMRN as a new long, but it didn’t trigger, so watch the level tomorrow.

Here is a public post I did earlier. Have a great night and I’ll see you in the morning.

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