Wednesday a weak start on the day was slowly but surely turned and the market closed green across the broader markets.  Volume did come in after lagging for half the day to end with an accumulation day across the markets.  The TRIN not as generous as the bulls would have liked, it closed at 1.06 slightly bearish.  The VIX was also slightly higher than yesterday to close at 26.26 up 8 cents on the day.  Gold closed up $5.80 to $945 and oil up $3.23 at $72.42 a barrel.

The Nas 100, Composite and the S&P 500 all put in new highs on the week, however the SPX still closed under Monday’s highs after tipping into new weeks highs.  The Dow has yet to put in a new high, all still have gaps open after that drop on Monday’s open.  The Nasdaq was not the strongest performer today and it had every opportunity with the financials lagging.  But energy, oil, along with the big cap tech etc.. helping to hold up the S&P 500 and the Dow even with a red banks and brokers sector.  That does still leave the SPX and Dow to make up some ground to get to a new high this week though.  We still have a red week, until we get those gaps filled we won’t be seeing where last week left off.  Today’s move up helped to trim the week’s losses to very modest.

Thursday the day starts with early data and more into 10.  The weeks tone is shakey still, but it is expiration week.  Today was pretty trendy action, opening on the lows and finishing near the highs, Tuesday was the same action, but gapped up and continued higher.  Monday was more of a trending day lower after a gap and go.  Very odd week for expiration.  There has been no zig-zag or reversal action.  HIGHLY unusual, but we still have Thursday and Friday to watch for that.  Futures cleared the 991 and 1589 resistance, looking into 61.8% now at 1000.5 and 1606, which isn’t far off.  Weekly pivots are still over that at 1002.5 and 1613.25 for the Es and NQ respectively.  Because those levels are just overhead a good wind will get us there in the morning.  If we do not chop around those levels and skip right through, the gaps overhead and into 1007.5 for the ES and onto 1618.25  for the NQ is my target up here.  I’m still not loving the lack of intraday retracements, this seems to stick to the every dip is bought heavily and no refueling.  Which is keeping us from running too far too fast and not even seeing overbought conditions.   The downside of no retracement is trading is limited, but also fuel to keep moving is limited.  That will eventually correct itself and let us get back to normal.  Expiration week may help feed that, with the volume still picking up steam.  However, after expiration week the fuel may dry up! 

Into Thursday the 60 minute futures, 65 minute on indexes look like possible bull flags.  The move through the flag to continue would be key.  Each day we are opening to no continuation off the prior day, so Thursday look for that and for the upside to keep edging higher.  IF we don’t see that continuation, I’m going to be in search of that zig and zag action along with a reversal day.  ON a side note, I will be around only half day on Thursday and away on Friday.  I will post a very abbreviated commentary for Friday, but it will be late on Thursday.  Paul will be running the room while I’m away as usual!

Economic data for the week (underlined means more likely to be a mkt mover):   Thursday 8:30 Unemployment Claims, 10:00 Philly Fed Manufacturing Index, 10:00 CB Leading Index, 10:30 Natural Gas Inventory, Friday 10:00 Existing Home Sales, 10:00 Fed Chairman Bernanke Speaks,  Monday nothing due, Tuesday 9:00 S&P/CS Composite-20 HPI, 10:00 Consumer Confidence, 10:00 Richmond Manufacturing Index, Wednesday 8:30 Core Durable Goods Orders, 8:30 Durable Goods Orders, 10:00 New Home Sales, 10:30 Crude Oil Inventories, 12:00 FOMC Member Lockhart Speaks, Thursday 8:30 Prelim GDP, 8:30 Unemployment Claims, 8:30 GDP Price Index, 10:30 Natural Gas Storage, Friday 8:30 Core PCE Price Index, 8:30 Personal Spending, 8:30 Personal Income, 9:55 Revised UofM Consumer Sentiment, 9:55 Revised UoM Inflation Expectations.

Some earnings for the week (keep in mind companies can change last minute:    Thursday pre market BKS, PLCE, DKS, GME, ROST, SHLD, STP, TTC and after the bell BRCD, GPS, INTU, SKIL.  Friday pre market ANN, SJM. Monday nothing pre market and after the bell FMCN, WINN.  Tuesday pre market BIG, BKC, MDT, SPLS, JAVA, and after the bell HAIN, IRF, MYGN.  Wednesday pre market DLTR, KIRK, WSM and after the bell JAS, SINA, TIVO.  Thursday pre market AEO, ENER, TOL and after the bell DELL, DLLR, FCEL, MRVL, OVTI.  Friday pre market TIF and nothing after the bell.

ES (S&P 500 e-mini) Thursday’s pivot 991.50, weekly pivot 1002.50, monthly pivot 947.  Intraday support: 990, 987.25, 984.5, 980.50, 978, 976-975 fills gap 7/29, 973.25, 965.25, 958.50.   Resistance: 998.75, 1000.50 61.8%, 1004.25, 1006.50 fills gap-1007.50, 1010.50, 1013.25 fills gap-1014.75, 1016, 1019.50, 1021-1022.50, 1029.50, 1032