Today: The S&P futures are extending higher now, as they have gone into the
open field running. We do have Retail Sales data, Mich. Sent. coming out this
morning which may enhance the landscape a bit, but neither of which are going
to be game changers. There is discussion of the number of consecutively
higher closes, of which I do not put much stake in, “ten, eleven”, that’s just a
bunch of nonsense. What we have done is come up over one hundred
handles, since the pullback, and it has been in a fairly steep ascent. I would
say the most “containing” element on the futures is our ATR, of which we are
down to the 10 handle, the level we reached previously, but did bottom out at.
Possibly we bottom here again, and get that average to start moving higher, but
it still remains to be seen. This morning watch the 1145.00 level, that is a good
pivoting point for sentiment of the day’s session. Thus far we just posted a new
high at 1149.00, but I am expecting a pullback as we approach the numbers
and the opening bell, look for 1146.25 as the area for the open. This rally will
have to earn its stripes during the cash hours. Upper levels for today’s range
would be 1154 handle. If under 1145.00, there could be a pullback, and it is not
likely, but that pullback could extend as far as 1138.50-1139.00.