Before the Open (Oct 20)

by admin on October 20, 2009
in Before the Open

Good morning. Happy Tuesday.

AAPL did great with earnings. The stock is set to gap up about 13 bucks.

The Asian/Pacific markets did fairly well today – China gained over 1.5%.

Europe is mostly up – there are no standout winners. …

Futures here in the States suggest a nice gap up open for the cash market. This comes on the heels of a nice up day yesterday and a close near the highs.

Here’s the SPX daily. It no doubt will hit our target (potential resistance) at the top of the channel we mapped out 2 weeks ago.

Here’s the SPX 60-min. Will a 5th unfilled gap be added?

Zooming in with the 15-min. The index is 80 off its early Oct low and in a steep ascent. I don’t see this continuing as is for long. We’ll either get an hysterical short squeeze or a pullback soon.