Good morning. Futures are moderately higher, sp +5pts, we're set to open at a new historic high of 1738. Today is opex, so expect some price chop, especially in the closing hour. For the equity bulls, its been an amazing week. For the bears...it is merely a continuation of the post 2009 trading action.
As ever..don't get lost in the minor noise. Any brief down draft of 3, 5, even 10pts today will count for nothing, and will get bought up.
Sure, we could trade sideways for a bit, although the weekly charts are warning of a major snap higher next week (if you can believe that).
No doubt, sp'1750 will be a major resistance area..as many of the chartists agree on. Considering the continues though, I now see little reason why we won't just keep on battling higher.
Notable early movers...
CMG, +$30, to the 470s, on earnings.
GOOG, +$87 (9.5%) to $976, on slightly better than expected earnings.
No doubt the cheer leaders on clown finance TV will get mildly hysterical if it breaks $1000 today..or next week, not that it matters. The company itself has a superb balance sheet, and profit margins that most companies can only dream of.
Video update from Mr Permabull...
Thank the gods..its almost the weekend.