12:00pm (EST)
The market is powering its way higher as the bulls push the upper limits of the current 4-month long trading range. We went over a lot of the technical levels last night in our Weekly Wrap and we will go over them again before we end this update but this week could be the day of reckoning for one side.
The bulls have done a tremendous job of rallying this market in what is historically a weak September but the fact is September is not over, yet. We aren’t sure how this market will play out and all we can do is use the charts, but one thing is for sure, we should get a huge move this week or next as we head into October.
Currently, the Dow is up triple-digits, or 102 points, to 10,710. Our near-term top is 10,800 but if this level is broken the bulls could make a quick charge to Dow 11,000. The S&P is higher by 11 points to 1,137 and we said 1,150 would come into play while the Nasdaq is pushing our 2,350 target as it is up 24 points to 2,340. Wow.
There are a lot of stocks we want to talk about, like Apple (AAPL, $280.50, up $5.13), which has busted out to a new lifetime high, but we have a lot of things we want to cover in the Members Area including TWO new trades. One trade is a strangle option trade while the other is longer-term trade on a stock that we think will be significantly higher in 3 months. Subscribers, check for the updates.
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