We had a gap-up open on top of a weak oversold bounce and some poor economic news, but the bears couldn’t take us down.  The new ETFRewind gap tab called the action perfectly with 80% odds gap fill possibility.  There are plenty of overhead resistances, especially at 1350 for S&P 500.  Another side way day on the last day of option expiration is possible since the news flow is slow.  If we can get above 1350 and hold for a bit, it may trigger another short squeeze.   

CRM earning after hour is being well received so far. The first day of LNKD IPO is amazing; on the very first day it almost fetched the same market capitalization as NFLX and is now larger than CMG.  Is the internet bubble being inflated again?  What is the valuation of Facebook? 100 Billion?

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