There seems to be something wrong with the Blogspot editor this evening. It's not showing the image upload icons for me. And that's a shame, because the Dow today put in a classic bullish engulfing pattern suggesting that there's still more room to run even after today's nice 61 point advance. And that advance took us back over the daily pivot. It would have been a nice chart to show.
Todays positive economic news evidently canceled out the RTC warning signal. I think the only thing that could hold us back now is the fact that the day before options expiration is historically not a good one. Now the thing about the bullish engulfing pattern is that the day after it appears is typically not that good, but a day or two after that is often higher. So I don't think we'll see a major move in either direction tomorrow. The futures, meanwhile are just slightly lower right now (1:30 AM), so there's a bit of a negative bias there. Friday, being expiration day could be interesting.
No trades today,
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