Goldman Sachs And The Market Followed Through Right On Cue From Last Night’s Video

Welcome back! A couple of things and real nice updates from last night. First things first. We are above that $70 mark that I’ve been telling you about. I told you for weeks we were looking to get through that $70 range, pull back and take back off it would be off to the races. That’s what we’ve seen. The news with Iran has helped that. As long as we stay above $70, I’ll continue to look for long-side trades in crude oil.

As we turn our attention to the stock indices, this is all about Goldman Sachs from my perspective. I told you that Goldman Sachs was not coming along for the party yet. I needed to see more out of Goldman Sachs and start to push up. We did go ahead and have it push up over $4 here today and that’s what we needed to keep the market with a match lit under it. It was real nice. Goldman Sachs followed through and the market did as well. We’ll be watching Goldman Sachs in the days to come. It’s going to smack into some falling resistance on the daily charts as you can see. We’re starting to hit some resistance on the weekly charts as well. With a little luck, we’ll be looking to drive northbound. Key points going into tomorrow. Dow is right at 24,505 and that is a key resistance level on the Dow futures. As far as Nasdaq, I want to see us bumping up to that 6900 level. With the Russell, we want to get through the 1600 level. On the S&P, we want to get through 2700 on the S&P. Let’s see if we can go get some real excitement under this market and get some real heat going to push ahead. As long as we stay ahead of the rising speed lines. I really don’t want to be looking for shorts. I had to get down below those speedlines on an intraday basis to find quality shorts. Steady she goes. I’m going to continue to look for longsides trades above those speedlines at that point. Just watch those key numbers that I gave you because those are the numbers to beat tomorrow. Let’s see if we can get some more juice to the upside.

Have a great night! I’ll look forward to seeing you in the Live Trading Room and in tomorrow night’s videos!

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