Good Morning RWO!
The market made such a nice move up yesterday on the back of the new president’s decisions and it’s setup to power higher again this morning with futures pointing to a nice gap up. Dow 20K seems to be back in the cards and even higher. Yesterday the QQQ made and all-time closing high and it is also showing more gains this morning.
Mortgage apps showed a surprise increase of 4% last month even the midst of rising rates. Personally, I see that as very positive because the consumer is showing a level of confidence in the future that we haven’t seen for some time. Let’s hope it’s not a flash in the pan and that we are seeing the beginning of a positive emergence of actual growth. We will get a reading on the Oil status this morning. A story out yesterday said OPEC’s efforts have started working to stabilize the sector. Let’s hope we begin to that in the actual number of supply today.
For a couple weeks, I have been talking caution but I now think it’s time to lift some of that caution and perhaps be slightly more aggressive. We still have the upper resistance to breakout and hold as support so we are not totally out of the woods just yet but I think the price action is suggesting a new wave of upside momentum could have begun yesterday.
I wish you all a productive and profitable day!
Trade Wisely,
Doug
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