Option Investor
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Equity futures were up overnight and then shot higher at 8:00 AM after Wells Fargo reported better than expected earnings (not sure if they mentioned further write downs will eliminate those earnings or not). It got the shorts scrambling and ES is testing last Friday's high (842.50) so cash should do the same. Sunday night's higher high, which was not tested after the market opened Monday, was 848 so that high has not been tested yet. Assuming this won't turn into a gap n crap it's looking like the market could be in the bullish wave count calling for a move up to about SPX 870. If that's achieved we'll have to see if there will be more expected. Thursday prior to Easter is typically bullish. But first be aware of the potential for the gap up not to hold.

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