US markets were mixed and very quiet Friday ahead of Options Expiration and the long President's Day weekend. The Dow and S&P posted marginal gains while the Nasdaq slumped to a small loss. Stocks stagnated in a small range for most of the week, and saw some weakness on Wednesday that could have been a small complexion change, but Thursday's bounce sent the market back to new highs for the year.
Any traders looking to short weakness in this market have likely been frustrated, as we have gotten no follow-through to the downside whatsoever. The S&P continues to ride its 10-day moving average, which is a sign of an extremely strong market. Eyes will be on Greece this weekend as it continues to work out all final details for a new bailout package. US data has continued to support the Bulls' cause, and investors will be looking to see if that trend can continue.
Be sure to join the T3Live team at the New York Trader's Expo this weekend. The event takes place at the Marriot Marquis in Times Square. There is a cocktail reception Sunday night from 4-7, and then we will be making presentations at the booth (# 5501) all Monday and Tuesday. I will also be giving two presentations on behalf of Schwab. Look forward to seeing you there.
*DISCLOSURES: Scott Redler is long OIH, JPM, SPY, IBM, INTC, QCOM. Short QQQ.
