1. Dow broke 25k S&P 3000 and need to hold for the close and the week. 3000 on the S&P is a very important psychological marker. Psychology is everything. They’re looking at confidence in going into the market. Broad-based rally, Financials JP up over 5%, Citibank up 8%, they’ve been laggards. Airlines, energy hotels. Gold and gold miners are down. There will be more opportunities to participate in this bull market. Hyatt up 8%. Hilton up 5%.
2. Right now there’s no indication of a retest of March lows. Never say never, but for now the charts are saying it’s full speed ahead.
3. Energy is up and oil is having a huge day trading over $34. Probably needs to digest gains. People are starting to fly again and this trend will increase and go higher. That means hotels are gaining traction. If you don’t let people go back to normal, they’ll do it themselves.
4. Retail is looking very strong, ETF is up over 3% today. Dillars up $2, Macy’s up 10%. Bestbuy up. Restaurants are starting to boom. Stocks are looking very strong. Mickie D’s is up $4. Rest of the sector looks strong.
5. The market is affirming the charts. The charts have been telling us since the crash that the market was going higher and here we are. This could be the contrarian play of the decade. As long as the charts say go long, listen them. They won’ go up every day. Pundits look at the rear view, Nick is looking straight ahead. Just because something goes down does not make it a buying opportunity. In this case Nick recognized the market bottom and jumped in with both feet.
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