Good morning traders! The jobs number on Friday came right in the sweet spot of our predicted range, giving traders encouragement about the health of the economy without spooking any new inflation fears. The markets hesitated a bit early on, but as the day wore on the bulls became more and more confident. The result was a new all time high for the S&P 500. The current run in the markets does remind us of the nice breakout move we saw in early July...which, of course, ended in disaster. But the different in this run is that now the smallcaps are pariticpating (see IWM). While the Russell2k is not yet at a new high, it is in breakout mode with the highest relative strength reading since late April. This is a good sign for continuance.
PLAY OF THE DAY: tba
OTHER STOCKS TO CONSIDER: (longs): AMZN, ATI, BEBE, CRZ, BTU (shorts): are you kidding me???
Sunday, October 7, 2007
Subscribe to:
Posts (Atom)
