Weekly Win Up For Grabs/ Profit Alerts
We have been on point with our daily market commentary as we have been in lock-step with the bulls game plan. After correctly predicting a good start to the week and a little weakness coming into Friday, we figured today would be a tossup.
The bulls had a little wiggle room coming into today’s session and as long they hold near-term support that served as prior resistance into the weekend, all should be good in the neighborhood for next week.
There were a number of decent earnings reports following Thursdays ‘s close but futures were weak throughout the night so we were prepared for another sloppy, choppy session. The good news is we still expect a run at fresh all-time highs next week and into May. Our portfolio is light and ready for a bevy of new trades once we get the signals but we also have to prepare for the possibility of a continued trading range.
As we make the turn, the Dow is lower by 113 points to 16,387 while the S&P 500 is down 11 points to 1,167. The Nasdaq is getting spanked for 56 points to 4.092 and the Russell 2000 is declining 15 points to 1,128.
The make or break even points for the weak are: Dow 16,408; S&P 1,864.85; Nasdaq 4,095; Russell 1,137.
We have a couple of Profits Alerts to end the week so we can’t complain. We have already started our weekend homework and we could take additional action ahead of the close if we see any trades we like. For now, we wanted to update our current positions.
If you do not hear from us again, have a great weekend and we will be back Sunday night with the Weekly Wrap and Monday morning with the Daily. Until then, have a great weekend everyone!