Bulls Hate Saying Goodbye to April

8:45am (EST)

After a tepid start, the bulls took control of Thursday’s session to push the market to fresh 52-week highs. The bears danced a little for much of the morning session but fell victim to a late-day rally as the bulls made in 3-in-a-row. After a slow start to the week, the momentum has clearly favored the bulls which has the month of April on track for some solid gains.

Here were our thoughts on April 3rd in our Weekly Wrap:

“We are hoping for one big charge by the bulls over the next few weeks and we would like to see a strong start to this week to get us there. April is normally the Dow’s best month and has posted gains of 2%, on average, for the past 60 years. Of course, history doesn’t always repeat itself but the catalyst for the market breaking out to new highs will be first quarter earnings which begin next Monday/” (END)

We also added:

“The CBOE Market Volatility Index (^VIX, 17.40, down 0.34) traded down to 16.44 on Friday after touching 31.28 in mid-March. We mentioned last week the index could fall to 14-13 on another leg up which is when we think the bulls might take a break.” (END)

Yesterday’s close on the VIX? It was 14.62, down 0.73.

Our late January resistance targets of Dow 12,500-12,600; S&P 500 1,350; and Nasdaq 2,850 were broken this week. Folks, we know of no other stock or option newsletter that has navigated this market any better since October 2010 because we said this rally would last through April 2011. We also went over our near-term targets and 2011 targets this week so let’s see where we are at.

To get our latest take on where the market is headed and some of the stocks and options we are watching, please click here.

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Bulls Hate Saying Goodbye to April

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