8:45am (EST)
Europe’s head honcho’s are falling faster than dominoes as Greece’s Prime Minster dropped first followed by Italy’s – once their austerity budgets pass. Unfortunately, the US will have to wait until 2012 to get some new knuckleheads in office but hopefully they are business people who can create jobs. In any event, we mentioned yesterday in our midday update the action has been hot in the afternoon and the bulls plowed ahead right on cue.
The Dow rolled higher by 102 points, or 0.8%, to finish at 12,170. The index reached a peak of 12,187 and we said to watch for a run to 12,200 first, followed by 12,350.
The S&P jumped 15 points, or 1.2%, and closed at 1,275-and change. The high was 1,277 and we penciled-in 1,300 Sunday night/ Monday morning in our Weekly Wrap.
The Nasdaq popped 32 points, or 1.2%, to settle at 2,727. We said a run to 2,750 was possible this week and we are halfway there – with the bears living on a prayer.
The push to the next layer of resistance was nice but futures are pointing towards a nasty open this morning which means we will test support again. We had 2 new trades we were looking to get into this morning but let’s see how the action plays out.
Also, be on the lookout for possible Trade Alerts if we close any current recommendations or need to make any adjustments. For those of you who are trading course members, we did a video late last night that is 25 minutes long so we wanted to send today’s morning issue out a little early so you have plenty of time to prepare for today’s action.
As we head to press, here’s the deal: Dow futures (-223); S&P 500 futures (-30); Nasdaq 100 futures (-45).
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