Obviously, we are in the midst of yet another breakout to new highs for this market. The 10,000 mark is finally approaching, and it is approaching very quickly. This will be a mental thing more than anything. With earnings season also nearing, the dual reaction between these two things could be interesting. As you can see, I did draw an arrow pointing higher. That's just a little reminder that the trend continues higher, so let's not trade against it.
Also on that chart are those two red boxes. Not that it means too much or anything, but the last two pullbacks in the market have been almost identical. If the market wouldn't have fallen back to the 50-day MA, we should have picked up on something else to know when the trend was going to reverse...like last time it did it. The trade would have been almost identical.
Gold and oil are the two big risers this morning. Nat gas really hasn't done much, but I think the overall market in general is moving up nicely today because of the rise in oil. With temperatures really dropping across the country quickly this fall, I think nat gas and oil should get a lift. We are seeing that play out right now today, and hopefully throughout the rest of the week. It seems to be giving the whole market a nice boost.
I'll be back tonite with some specific picks for tomorrow. We'll let the plays work themselves out right now, and then be ready to attack them with full strength come tomorrow morning.
MK
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