Post-market Wrap (recording & summary)
This weekend’s Saturday Review has been cancelled, so Friday’s post-market Wrap was extended to discuss the bigger picture and stock requests. Its recording is not the usual Saturday format, but the usual weekday format..
The week ended with one piece of “unfinished business above” at 2175.50. That’s 3 points above Thursday’s high. Being in the context of unfinished business above, Friday’s slide is assumed to be a temporary detour. But that’s the assumption anyway, since shallow trending or ranging on Fridays can be the week’s least predictive price action.
That’s not to say nothing relevant was accomplished Friday. Its low filled the gap back down to Wednesday’s close, and held it. Already trending up Sunday night to some degree, and gapping up Monday, is somewhat likelier at this stage — assuming no dramatic weekend developments that would require being absorbed.
Otherwise, any lower intraday Friday would have targeted at least 2149.00. That could still hold if tested Sunday night, but the delay makes any selling likelier to test “lower prior highs” down to 2143.50. And there’s room below it to 2138.00 before suggesting that 2175.50 won’t be tested soon.
The following stock requests were reviewed in this order:
GDXJ, ERII, POT, JJG, AERO, KSHB, CMG