In the pre-market hours, after the eagerly awaited CPI report was revealed, we went from a positive pre-market open, to looking almost -250 Dow points. Within the hour before the opening bell, this market had swung back in full force to the upside
— we had not only recovered the red we were looking to open in, but we were up over 100 Dow points.
It’s almost back to that point that good news is good news and bad news is well… good news! Ironic that this market seems to keep shaking out the weak hands. A drop-down, and all traders have a scared-for-your-life moment.
Corrections and moves down are healthy in a strong bullish market environment. We will be watching for key levels today, closing above 24,745 will indicate 1 of 3 confirmations that we will keep this momentum going. 2 of 3 is at 25,106 and, 3 of 3 is at 25,521. If we close above there, the worst may be over (for now).
As mentioned in the past few posts, and first to subscribers, AAPL is outperforming this market, at the time of this post we are at 166.20/share. We informed subscribers that it would wise to get long AAPL at $150.