Ok another week of earnings catapult us to that magic 13000 number on the DOW. The DOW number means nothing to us traders as the more widely held indices of the S&P is more effective.
1400 is the key number here and closing above it for 3 days in a row without a retracement below it is very strong signal that this might be the new short term support. Next week should be interested with earnings season at its end and a strong up week this week, I am expecting an orderly pullback.
The trick here is how orderly of a pullback we have. I think the bulls will not give up easily and will more than likely use the stimulus package and theory of all is well in the financials market to push us higher. 1455 is the number to watch on the S&P ultimately on the upside. On the downside we have that 1396 number again.
Have a great weekend.
Saturday, May 3, 2008
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