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Shocking!

On the Calendar
The Friday Economic Calendar is a light one for a change. At 10:00 AM Eastern we get the latest reading on Consumer Sentiment which consensus it expecting an increase to 97.0 vs. Decembers 95.9. Other than that Fed speaking tour continues with one at 8:45 AM, then 1:00 and 1:30 PM.
The Earnings Calendar is also light today with only 17 companies reporting earnings today. Most notable are those reporting before the bell such as RF, CFg, FHN, KSU, and SLB. Keep in mind that earnings reports ramp up heavily next week. Make sure you are checking dates on positions you hold and those your thinking of buying.
Action Plan
Although there were a couple of intra-day bears attacks, the bulls managed to hold the battle line with relative ease. During the evening there was an attempt to move the futures lower, but once again the bulls were not interested in giving up any ground. Also during the evening, the US House passed a tempory spending bill. Now it’s up to the Senate to prevent the government from shutting down at midnight tonight. I don’t know about you, but this drama is getting old.
Despite the political drama and the intermittent bear attacks the futures market is putting on a confident face. As I write this, the Dow futures are pointing to a gap up open, and the NASDAQ could set new records at the open. Go Bulls! Stay with the trend but keep in mind that gap up opens can be very whippy so avoid chasing. As always I will be focused on profit taking more than adding new risk as we head into the weekend. However, I will be looking for trades, and anything is possible.
Trade Wisely,
Doug
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