Good morning and happy Friday!
After a fairly flat broader tape yesterday, we rise this morning to most things, dollar and treasuries aside, trading at higher prices. The Euro continues its astonishing rally on the back of the rate-hike the other day. Gold, silver, oil, and stocks are all up solidly ahead of what looks to be a nice-weather weekend here in New York.
On the economic front not much will be newsworthy today…although we do get wholesale inventories at 10 AM Eastern.
While stock index futures are up this morning, I don't expect a wild ride today ahead of earnings season starting next week – which doesn't mean I won't be ready in case things do get crazy.
In terms of stocks, I see decent long setups in almost every S&P 500 sector. From Home Depot (HD) to JPMorgan (JPM) and Chesapeake Energy (CHK), longs seem to be setting up nicely. Whether this will be final hurray in the amazing race/rally from the bottom in 2009 is too early to tell, but for now I am leaning long with clearly defined stops as always.
One more thing, has anyone noticed the HUGE gap in DPZ from all the way back in 2007? Well, it's soon coming into play. I will post a blog post on this later in the morning.