MomentumOptionsTrading.com Midday Update for 3/31/2014
Bulls Up but Need Strong Finish
The market will likely finish the month of March mixed but the bulls need a strong close today to avoid getting back-doored by the bears.
The chart work we did over the weekend continue to show bullish signs and if you haven’t logged into our Members Area to view them, please take 10 minutes to do so. It literally takes us double-digit hours to do them and they will give you a great market snapshot in the time it takes to drink a cup of Joe.
We have been busy today with continued chart work for New Trades and while we do have one, we still want to be careful. While we believe the bulls will set fresh highs in April, resistance still needs to be cleared.
There is a ton of economic news due out as well but the most important will be Friday’s Nonfarm Payrolls. The suit-and-ties are expecting a gain of 205,000 jobs for March versus 175,000 in February. There are whisper numbers as high as 300,000 jobs were added for the month. We aren’t that giddy but any number north of 225,000 would be impressive and good for the bulls. A figure below 200,000 would be very bearish.
We will talk more about the economic and geopolitical news throughout the week but we are excited on the first day back and we are ready to swing the bat.
As we make the turn, the Dow is up 139 points to 16,462 and the S&P 500 is higher by 16 points to 1,873. The Nasdaq is gaining 53 points to 4,208 while the Russell 2000 is advancing 21 points to 1,172. The S&P Volatility Index ($VIX, 13.70, down 0.71) is down 5%.
Subscribers, check the Members Area for the updates and New Trade!