the chances of us breaking the 10600 wall and 2100 wall on the naz are remote on a friday, leaving the likelihood of consolidation at a lower level, unemployment number is wild card, but market would like a strong employment report, but i dont think that will happen, some chance of weaker than expected number, leading to some new talk of a 1/2 point cut at the next fed meeting instead of .25, maybe even a remote possibility of intermeeting cut if numbers stay this bad, (but that is longshot) but i see a "slight" chance of .25 point cut intermeeting, then another .25 at meeting,
cisco earnings next week will be another market mover next week
overall, with the vix in low 20's, economy numbers still weak, and still dog days of summer, the chances of a failed breakout are increasing, if we do get a gap up tomorrow, i think it will be a good time to short
just dont see enough gas in this rally to bust through the big wall |
