HAPPY NEW YEAR!
Short term: stocks open quietly, but the growth sector rallies on Apple’s positive news.
In honor of the passing of President Ford, the government and all exchanges will be closed tuesday, Jan 2nd. As a result we have a very rare four day weekend in the marketplace. Enjoy your NEW YEAR celebration!
Overnight the Asian markets were mostly higher, with India’s BSE again closing lower. China’s SEC continues to astonish, as it soared another 4%, to another all time high. Europe came in 0.25% lower, somewhat pressuring our stock index futures in the pre-open, but they turned positive when trading was beginning. Bonds are about 1/4 point lower, Crude continues to pullback, and Gold is having a quiet day, down about $1. Thus far, not much has changed on the charts. Today will probably be a quiet day, unless we get some last minute end of year window dressing. Which is most likely to be to the upside. As for early next week, I would think there will be a lot of money that needs to be invested first thing. That might put the top in this five month uptrend. Be careful in the market, and have a safe and happy new year.
MEDIUM TERM: NDX downtrending, SPX uptrending … split market continues
LONG TERM: bullish.