The markets open mixed with the QQQQ the outperformer of the first half hour. Market internals showing flattish but improving rapidly and I think I will stick with my bullish posture and tell Pisani to keep waiting for his capitulation trade.

Leading sectors are financials, tech and homies while the laggards are the metals and the oils. Note the oil crop report comes out at 10:30 eastern today.

The Pivot Point today on the SPY is 126.65, which has already been hit and initial resistance is 127.5, so look for that number as the first target.


Anonymous Anonymous said...

Might just run at at 200 ma before a big run up; ; capitulate some longs. I don't think it will break through. Buy the dip seems like its a crowded trade still;

10:37 AM  

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