Editor's Note

If you were holding these market cards would you bet on Friday or check to see the next card? I am recommending we check and see what card is turned over on Friday.

The minor breakout on the major indexes was high fived all around but S&P and Nasdaq only stretched existing highs by 3 points. The Nasdaq had very few "big" gainers and the S&P was powered by a couple of retail names with big earnings beats. There are no material earnings on Friday. Volume is going to be the lowest in weeks and we are right in the middle of the August doldrums. If the market is going to follow the seasonal norms for a decline into the end of August it should start soon. Next week is option expiration and Friday's move could have been related to that event. Professional traders typically exit positions the week ahead of expiration. I think we should be cautious for Friday and see what the market gives us. Monday could be a different market.


No New Bullish Plays


No New Bearish Plays