9:00am (EST)
“We would love to see the market continue higher because we have quite a few call positions open but we also went longer-term with these plays because have expected a rocky February which is normally the weakest month of a seasonal bull run, historically. At this time last year, the indexes started to pull back and went through a nasty correction until mid-March before resuming a powerful rally into May.”
We are hoping this is not the case this year and that any pullback will be mild. The charts are saying we could go either way and we wouldn’t be surprised to see the bulls continue to climb a wall of worry.” (END)
We left you with those thoughts last Sunday night as we had one of our favorite John Mellencamp songs spinning in the background when we headed to press…
The bulls got back on track following the prior week’s pullback as they pushed the major indexes to fresh 52-week highs. The dip Wall Street was looking for was brief as the bears pushed near-term support on Tuesday and Wednesday following an up Monday. Thursday’s rally on better-than-expected jobless claims and housing numbers put a halt to the selling pressure as the bears were only able to test the first layer of support before buyers rushed in.
Friday’s push was good to see as traders took bets ahead of a long 3-day weekend and an uncertain second Greece bailout. Although the market ended mixed, the bulls showed no signs of slowing down despite the uncertainty as the trend remains up.
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