Good Morning traders, it’s Thursday and the market is still happy!
I always have a little worry in the back of my mind after a big breakout move that the market will reverse with a nasty head fake. However, the positive energy we started yesterday translated around the world with all the major world markets getting on the bullish bandwagon. This morning we have already seen some very good earnings reports that we can only hope will keep that warm and fuzzy feeling going for a follow through day.
We have the normal International trade and jobless claims numbers that come out at 8:30 eastern time and later in the morning we have housing sales but I my guess is they would have to surprise pretty badly to move the market. There are 165 companies reporting today so make sure you are positioned correctly based on your risk tolerance for those reports. I mostly will avoid an earnings report altogether.
I am bullish but I will try to avoid over bullishness until our new levels of market support are tested and hold with buyers reacting to those supports. If we are so lucky to have that occur we could have great trading all the way into summer. Only time will tell.
Have a fantastic day and remember to put some money in the bank as we head toward the end of the week.
Trade Wisely,
Doug
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