Strong rallies on heavy volume bodes well for the Bulls.
We want to see more evidence of institutional interest for this market before we shift our bias from Seller’s Edge.
One day means little. The dominant trend will be more apparent to us at the end of the week as we add up all that’s set to go down for this key week for earnings.
TUESDAY: Altera Corporation (ALTR), Goldman Sachs (GS), Intel Corporation (INTC), Johnson & Johnson (JNJ), Palm Harbor Homes (PHHM), Yum! Brands, Inc. (YUM)
WEDNESDAY: Abbott (ABT), Universal Forest Products, Inc. (UFPI), W.W. Grainger (GWW), Xilinx, Inc. (XLNX)
THURSDAY: Baxter International Inc. (BAX), Cubist Pharmaceuticals, Inc. (CBST), Google (GOOG), Harley-Davidson (HOG), International Business Machines (IBM), JPMorgan Chase & Co. (JPM), Marriott International (MAR)
FRIDAY: Citigroup Inc. (C), Mattel (MAT)