We continue to like the market action yesterday as dips continue to remain shallow and short-lived as buyers line up quickly on pullbacks to buy stocks. These shallow dips reinforce the idea that sellers are not to be found at present (most likely because most capitulated near the lows) and buy side liquidity remains strong. This morning US futures reversed nicely as the ADP payroll Employer service gauge a lower than expected number of workers cut from payrolls in April. It was the smallest drop in payroll cuts since October of 2008.
On the technical front the trend remains up and the S&P 500 broke above resistance near 878. Our next upside target it 950. Sentiment will be the key to determining when to make wholesale reductions in long exposure and right now though those indicators have moderated sentiment has not flashed a contrarian sell signal yet by being excessively bullish.
Please Check Page 2 for some recent shorter term trade ideas and returns...we added two trading names Tuesday
posted by Peter Greene
Transcript: Ed Yardeni
3 hours ago
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