Trading Day Monday, July 27th

Hello Friends, Today was a pretty slow and steady move up day. We opened at 975.50 and sat in a small range until the New Home Sales numbers came out which sent the market to its high at 979.75 in about 5 minutes. Less than an hour later, we were down to our lows at 969.00. From there the market got into a nice little up trend and away were went to close near the high at 979.25. Here is the chart. Have a great trading day and always use stops.
Laura

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Trading today opened at 967.25, down 5 points from yesterday's close. We hit the low of 962.60 mid morning and began our bullish rallies from there. We traded up to a high of 977.25 just before close today, giving us a intraday range of 14.75 points.

We did consolidate for a while this afternoon but broke out in the last 15 min before close, watching the aggressive buyers take control into the close. Today's close into the weekend was 976.00, another day with a higher close than open. (not including overnight trading)

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The S&P 500 basically rallied all day. The market was being bought on any slow down. It is amazing to see these bullish rallies. Especially in the light of the earnings that came out after the market closed. Microsoft profit dropped 29% as consumer demand for PC's is dropping revenues causing shares to drop. Microsoft, American Express and Amazon were another three that reported after the close with negative effects. American Express is seeing pull backs on the payments by cardholders on top of dropping the available money to lend around 25% from one year ago.

Lots of traders still on the side lines, so there is some cash out there. Be careful holding into the close.


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