Monday, August 2, 2010

Traders Confounded

Just last Friday we were worried about the poor GDP numbers facing a big gap down.  Now, we have a market squeezing higher and I don't see much enthusiasm.  Traders are still cautious getting long ahead of nonfarm payrolls on Friday.  For today, I still believe we have more room to run and probably close near the highs of the day.  We may have limited upside from Tuesday to Thursday but I would expect buyers to start getting more aggressive after the nonfarm payrolls report on Friday. 

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