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At this very moment both the Dow and the S&P are almost exactly at the top of the box retracing 62% of their losses from mid-Sept to mid-Oct. A move up through these levels would be impressive and bullish while a failure would help to reinforce the resistance. Its already a big gainer today, but I'm hoping for even more to help @Old_Skeet achieve his goal of 2100 by the end of the year!
3M and CAT are supposedly driving the indexes according to the media but there is some news that Europe might be showing early signs of rising from the funk they have been in.
I hope it goes up but we need some convincing news to back it up.
I agree good news would be welcome, and I think much of the news currently is related to earnings, but the PMI numbers from Europe today were a bit better than expected, the Chicago Fed Activity Index was very good, the US PMI was a little disappointing but I think the Leading Indicators were better than expected. So far the volume today looks rather average but if we close above 16690 on the Dow and 1950 on the S&P with strong volume I'd feel pretty good.
Interesting... the Dow failed to close above the box but the S&P barely did. Both closed on enormous volume, although I don't know maybe its normal for such big volume right at the close. It was something like 20% of the days volume in the last 10 minutes, if M*'s numbers are right during the course of the day. I'll sure be hoping for some follow through tomorrow and let's see what earnings bring tonight. Microsoft and Amazon on tap, Bristol Myers, Ford, Proctor & Gamble and UPS in the morning.
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I hope it goes up but we need some convincing news to back it up.