We started off the day a bit shaky because of CSCO and inflation fears in the U.K. The dip-buyers jumped in once again after the FED announced the new lottery schedule (I meant POMO schedule) and Egypt President Hosni Mubarak was rumored to resign. When it turned out that Mubarak wasn’t ready to immediately resign, we rallied some more, but violence broke out in Egypt over Mubarak’s decision and we are down a bit after hour. The Egypt situation has a good chance of deteriorating overnight and could impact trading tomorrow. The DOW finally closed in the red but the S&P500 and NASDAQ continued to remind extended and actually closed up on the day. We have a decent sized POMO tomorrow and option expiration next week. Buying in front of option expiration have worked for the bulls, will this month be different?
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