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Yesterday”s extension of the rally – If, Then… Market Timing

Yesterday”s extension of the rally

By Rod David | August 20, 2014 - 8:12 am

Yesterday”s extension of the rally took it to levels that make the S&P 500 index (SPX) likely to probe new highs. That”s not too much high, but the next question would be whether that will be only a temporary retest, or if it”s just the beginning of an extended upleg.

Again, that”s the broad-based SPX. The more speculative growth-oriented NDX already probed new highs Monday. The Dow and Russell are much lower than their prior highs. And this afternoon”s release of Minutes from the last FOMC meeting is sure to impact price action.

Not that any of this matters to the MJ sector. Little about the broader rally”s influence has protected many MJ stocks from returning to prior lows or probing lower. And this morning several of the higher-profile issues will be reacting to various filings made after yesterday”s close.

I”ll add post-open observations about the market and individual issues to this thread in the Activity Feed. Please do the same, and look for my announcement after the first hour for today”s Livedesk at 10:45 ET — It might be the most important one this week.

Posted in Bigger Picture