Sunday, May 9, 2010

Dow Forecast for 5/10/10

Well, it's 9:05 PM here in the Eastern time zone. Asia is open and moving higher, the Euro is moving higher in the Forex market, and hallelujah, the finance ministers of Europe have finally decided to put their fiddles down and announced that they will do "whatever it takes" to do something constructive about the Greece fire in their collective kitchen before it burns the whole house down.

And so we have the ES up over 2%, a pretty convincing 23 points (2325 last I looked) in the overnight so far. NQ and YM are staging similar comebacks. After last week's washout pounding and with this evening's news, I think that Mr. Market's meds are finally kicking in. I'm pretty confident at this point that we'll see a higher close tomorrow.

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