TSP Talk Blog

Stocks moved higher again on Friday, putting an exclamation on the recent rally after breaking through one tough level of resistance, although there is more to come. So far the bears have been unable to do anything but sit and watch. The Dow gained 336-points, or 1.38%, and there was green almost across the board.

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I hate to do this to you, but I woke up today to no power in my place, and quickly found out that the power in the whole city where I am, and surrounding communities, are out. It's been hours. I had written up part of my commentary for today on my PC, which is now DOA until power is restored. Now I am on my laptop, which I had to charge in my car. I have a little over an hour of battery left and I am going to try to get this written and posted in that time, so it will be a quick one. I hope it will be back tomorrow, but they said to expect long delays in service outages, so I may be back in my car, charging up.

I think we all see the action and understand that the bulls have been in control since that Apple warning sell-ff on the 3rd. We had anticipated a strong bear market rally, but nothing really to this extent. After what had happened in December, I thought picking up a percent or two early this month might be the best we can expect, but so far that bear market rally, if we can still call it that, is giving the market all it has.

Whether this will end and we'll see a test of the lows again, or if this is it - new highs in the future, I don't know yet. But we're obviously extended and due for a break, but we saw this almost throughout 2017 and it can get frustrating if you're on the sidelines looking for a chance to buy in.

The futures are down as of this writing at about 7 PM ET on Monday, and I suppose a holiday reversal is possible despite the strong bullish momentum leading into this new week.

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The S&P 500 / C-fund has made some great leaps over the last few weeks and even crossed over some stiff resistance, but you can see in the chart that it has more work to do if it wants to keep advancing. First it was 2550, then 2600, then 2626, and now we're looking closer to 2680 - 2700 as possible rally targets and resistance.




Again, my apologies for the quick report. I sure hope power is restored in the next few hours, otherwise if I wake up Tuesday with no power I may be heading to Vegas, about an hour from where I am now, to get my work done. There's not much in between but desert.


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Thanks for reading. We'll see you back here tomorrow.

Tom Crowley


Posted daily at TSP Talk - Market Commentary

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