S&P500 finally conquered the 1300 area. We have the upper boundary of the channel around 1310 to 1315. Given the recent history of strength on the first day of a new month, the bulls took full advantage. Couple that with good car sales and Mubarak announcing he would not re-run in Egypt , the squeeze was on early. We went from an ugly breakdown on Friday to a euphoric breakout today as so often seen in this liquidity filled market. Recently, it’s often a two step forward and one step back trade. If that pattern holds true, we may begin to see some backing and filling tomorrow.
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