Pre-market update:
- Asian markets traded 1.1% higher.
- European markets are trading 1.1% higher.
- US futures are trading 0.1% higher ahead of the market open.
Economic reports due out (all times are eastern): Jobless Claims, Philadelphia Fed Survey (10), Leading Indicators (10), EIA Natural Gas Report (10:30)
Technical Outlook (SPX):
- Huge day for SPX rallying 16 points following the FOMC Statement yesterday afternoon.
- With that move, SPX establishes new all-time highs, and breaking the previous closing highs which was key, because it re-establishes a strong uptrend for this market.
- Also established is a new higher-high on the existing uptrend, and as a result you will likely start hearing talks of whether the SPX can hit 2,000 or not in the short-term.
- I'm looking for additional follow through today to confirm yesterday's move.
- The one thing that the bulls cannot afford to do is to give up all of yesterday's gains. To do so, would put an ugly spin on this market instantly.
- VIX continues its free fall dropping a whooping 12% and down to 10.61. A new 7 year low.
- SPX 30-minute chart continues to trend nicely like its daily chart by establishing a new higher-high.
- Volume came in strong yesterday as well.
- It doesn't look like Iraq will play a large role in the market going forward. There doesn't seem to be a lot of evidence that suggests Baghdad will fall to the ISIS.
- The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.
My Trades:
- Closed out RF yesterday for a 0.4% gain.
- I added two additional long positions yesterday.
- Remain long IR at 60.11, FB at 63.05, RVBD at 20.29, PAY at 36.91, NFLX at 428.56.
- 70% Long / 30% Cash
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
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