Judgng by the after hours reaction to Intel, it’s looking like we’re going to gap to new 2009 highs on the Nasdaq tomorrow. It will be critical for the market to continue higher for it to hold the highs, consolidate, and then push to new highs. There’s always a risk that traders are going to sell the news tomorrow and we “gap and crap” tomorrow. I would be careful with any new trades at the open and wait to see how the market reacts to the big move up.
The dollar could be putting in a double bottom, which would be very bad for the overall markets as they have been trading inverse of each other lately. Everybody is expecting the dollar to collapse and when everybody is thinking one thing, the market will surely do something else. I can’t think of any scenario where the Dollar makes it out of the mess it’s in alive, it just won’t do it within the majority’s timetable.