Market Will Float Higher – Daily Trading Ranges Will Compress

Posted 9:45 AM ET - As long as global geopolitical tensions remain stable, the market will float higher. The S&P 500 is making an all-time high and it is above $2000. GDP will be released tomorrow and it is the only significant news item the rest of the week. It is not likely to move the needle. DC is in recess and there isn't any political banter. Earnings season has ended and the results were good. Central banks are easing (ECB, China and Japan) and the Fed will stay accommodative. Interest rates are at historic lows and Bond Managers are not worried about tightening. Major holidays have a bullish influence on the market. Look for a gradual grind higher the rest of the week. Trading ranges will be very tight and activity will come to a grinding halt. I am taking the rest of the week off and I am flat. If you are long calls, use SPY $199 as your stop. . .

Daily Bulletin Continues...