Monday, August 2, 2010
Traders Confounded
Just last Friday we were worried about the poor GDP numbers facing a big gap down. Now, we have a market squeezing higher and I don't see much enthusiasm. Traders are still cautious getting long ahead of nonfarm payrolls on Friday. For today, I still believe we have more room to run and probably close near the highs of the day. We may have limited upside from Tuesday to Thursday but I would expect buyers to start getting more aggressive after the nonfarm payrolls report on Friday.
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