After Thursday's firework the market took a time out today. Most of the European and Asian markets were closed in observance of Easter and it showed. Volume and volatility was low and there was a lack of participants throughout the session.
We opened lower today with the major averages being down about 1 % on the open. There was never an aggressive attempt to take stocks lower and we spent the majority of the day in a narrow range.
The final 90 minutes of the day saw buying coming in and we managed once again to almost erase all of the earlier losses and at the end the Dow closed -35 points. (-0.41 %). The other major indices (S&P and Nasdaq) managed to close in the green. (o.4 % and 0.1 % respectively)
Tomorrow will be an interesting day. Two financial heavyweights, Citibank and JP Morgan are slated to release earnings and if their earnings surprise on the upside (along the earnings surprise of Wells Fargo from Thursday) we might see another huge run up.
Conversely...earnings disappointment tomorrow might introduce some selling, in turn forcing us lower. Short term trends are clearly up...as such I would expect strong follow through tomorrow with a potential for late day weakness.
See you tomorrow,
Steve Benger
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