Good morning everyone
It’s a beautiful Monday morning the futures are suggesting a 70 plus point gap up the open. The huge merger deal between At&T and Time Warner is the reason for the excitement this morning but hey I welcome anything that might break us out of this chop.
This week we really blast into earnings with nearly 500 reporting on Thursday alone. Let’s hope they are better then what we have seen so far this quarter which has been lackluster at best.
There are 4 Fed speakers flapping their lips today which could mean some market nervousness if they lean hawkish. Another concern is that oil futures are currently down slightly and may dampen the bullish morning pop.
Although I am encouraged in the positive open we much keep in mind that the current downtrend must be defeated as well as the upper resistance level before gaining confidence in a direction. There is still a lot of work to be done.
Trade Wisely,
Doug
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