Before the Open (Nov 17)

by admin on November 17, 2009
in Before the Open

Good morning. Happy Tuesday.

We got a big gap up yesterday and lots of early strength that put every index except the Russell 2000 and S&P 600 at a new high. The small caps led, the dollar was weak, commodities did great and all 100 market groups I follow closed up on the day. And volume picked up some. It was one of the strongest days we’ve had in a long time.

The Asian/Pacific markets closed mixed with a slight bearish slant. Europe is currently down across the board, but there are no big losers. Futures here in the States suggest a small gap down open for the cash market. Coming off yesterday’s big up day, no big deal.

Here’s the SPX weekly. We’re into the thin volume area I identified a couple months ago.

Here’s the SPX daily without any trendlines. There are been a couple periods where longs had to be exited and money was available on the short side, but overall, the trend has always been up.