Editor's Note

After four days of flat lining, traders found a pulse in the Russell. This reminds me of those old Frankenstein movies where the scientist shouts "it's alive." The rebound in the Russell should help improve sentiment if it lasts a couple of days.

We could be poised for a significant FOMO rally if the headlines remain tame. Today was a good day in the market and it could be the start to a good week. Now that the S&P is well over prior resistance the 2,930 historic high is the next target and there is nothing in its way. The historic high will act like a price magnet ahead of a China trade deal as long as the commentary remains positive. Once at that level we could see a pause.

The big cap techs stocks were much more reserved today with Facebook the biggest negative impact. Amazon and Broadcom were the leaders.


 

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