The S&P 500 is on pace for its tightest monthly trading range since January 2007. It’s hard to believe that one of the world’s most active and volatile futures markets has turned into one of the quietest. In the long term, there is no reason to sell. If you are in cash, you are probably too scared to jump in at such high levels without any pullbacks.
It's going to be a big week for index futures. Two hundred companies in the S&P 500 are scheduled to report third-quarter results this week; and of those S&P 500 companies that have already reported, three-quarters have topped estimates. There is also a pickup in economic reports this week and some Fed speak on the schedule. In the ESZ17, we are watching 2575, 2580, 2600, 2630 price levels in the weeks to come and who knows when this stock market rally is going to stop?
While global investors continue to look for safety in the yields from the bond market, the global stock markets continue to steamroll along. Our view is that the first part of this is the S&P, Dow and Nasdaq are all overdue for a pullback - but was that pullback already seen by the selling late last week? I don't think so. We are sticking to what we have been saying for weeks - you can sell the gap up open, the first rally above the gap, or just wait for a pullback and be a buyer. This party is not over….
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