US stock futures are up and Asian and European market's are as well on a continuation of positive momentum from the past two weeks. US Dow stock futures are up 81 points as of 1:15 AM PST.
The Hong Kong Hang Seng index has also had quite a rally. It is now 18,800 after rallying nearly 3000 points in the past week and a half. That is a years worth of gains in less than two weeks!
European bourses are up as well across the board with the FTSE, DAX and CAC all up over 1%. It looks like we will get more rallying tomorrow. I plan on buying some AAPL when I wake up.
Market RecapWow, what a turnaround today from last night. My post was very misleading if you woke up this morning and checked the markets. We opened up 100 points down and went down and dirty all day long. It was a pretty bad day in the market's where we fell from strong resistance in the 1220-1230 area on the SNP. My little red line is pretty strong eh?
The headlines say we were down because German finance minister made some comments that made the market's think that a fix for the Eurozone won't come quick enough. But that is bullshit!! It is the little red line that controls things!! It was a great place to take profits here at this level. But that is okay, I believe the rally is still intact and am a buyer in the 1170-1180 range.
The other scenario is we head back down the range and retest the lows we made earlier in October. I feel this is unlikely to happen as we are starting the seasonal best period of the year for the stock market. The third year of the presidential cycle is traditionally the best year for the stock market. The 4th quarter of the third year of the presidential cycle is traditionally the best quarter of them all! All this leads me to position for a rally into year end. This pullback will make a nice buying opportunity coming up if you missed the bottom earlier this month.
After checking the market action this morning, I ended up not buying AAPL today. AAPL acted very strongly today and people seem to be wanting to buy ahead of it's earnings report tomorrow after the bell. I think AAPL will report great earnings tomorrow and should go higher. Maybe I get a better price tomorrow. AAPL is also bumping it's head against resistance.
Disclaimer: Nothing in this blog should be construed as a recommendation to buy or sell any securities! Please do your own due dilligence before buying any stocks or bonds!