Stocks lost steam in the last hour ahead of a key earnings report tomorrow from JP Morgan. Trading today was on very light volume. Looks like the shorts have been scared out for now, and funds are starting to put money to work. Any funds that have been sitting in cash have missed a thousand point move in the Dow in the last two weeks. Those funds have to get in if the market keeps moving higher for fear that they might miss more of the run.
Here's how we finished:
Dow +102
Nas +21
S&P +11 to 1207
Now that we are back above 1200 on the S&P, traders are looking at 1220 as the next key level to break thru. 1300 is the real key level that to me would represent a "Buy" signal.
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