Monday Market Wrap


Hi Folks,

Stock index futures took a sharp drop overnight but then gradually recovered. Asian markets lost 0.8%. European markets opened lower, but reversed and gained 1.4%.

For the day the SPX/DOW were +0.75% and the NDX/NAZ were +0.65%. Bonds lost 1 tick, Crude gained 65 cents, Gold added $3, and the USD was lower.

Short term support moves up to the 1779 pivot and SPX 1746, with resistance at SPX 1814 and the 1828 .We actually became a little overbought short term today, but we all know overbought conditions can continue.

Some  are giving credit for today’s rally to the European Flash PMI’s that came out this morning.  Others feel that a better than expected Industrial Production print helped, and maybe it did, but it really felt more like a relief rally.

Here were some dollar gainers today.

Here were some dollar losers today.

All of the names from last night’s video triggered today with the exception of NLNK and ANAC.   CBZ, which has been on our list for about two weeks, finally triggered and broke out today.

If you are new subscriber, try and check the P&L on the blog every night for any new entries or stop adjustments.

See you in the morning.



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