MomentumOptionsTrading.com Midday Update for 7/1/2014
Small-Caps Clear 1,200
I mentioned this morning the first trading day of July is usually bullish and the market is responding by pushing fresh all-time highs. The gains have been the strongest in a month and have held throughout the session with round number resistance within striking distance.
The Dow is up 136 points to 16,963 and has reached an all-time intraday high of 16,968. The S&P 500 is surging 14 points to 1,974 and is also at all-time highs. The Nasdaq is zooming 51 points to 4,459 and the Russell 2000 is advancing 14 points to 1,207.
The second half of trading could bring Dow 17,000 but I wouldn’t be surprised if the bears held this level into the close. There are a few events on Wednesday (Yellen) and Thursday (Nonfarm Payrolls) that could help or hinder the continued run to new highs as traders wait for confirmation the rally has legs.
I have updated the current trades so let’s go check the action. Subscribers, check the Members Area for the updates.