Market Tone is Getting More Positive
The fact that there remains an active seller bias means that while we are looking for an upside exit point on the stock market, the objective is probably increasing from the levels mentioned earlier this week. In the very short run, week or so, we would not be surprised to see a test of the 730 to 735 area on the S&P, but the upside target is now pushing closer to 900 on this rally.
Gold and the dollar are continuing to get Fed reaction trade but that will end by the middle of next week and we will see the dollar up-move resume.
The EMA ETF Fund NAV was 937 on the close yesterday.
Have to catch a plane.
5:36 AM CDT
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