The Daily Dose of Trading Comments

European markets are putting in a pretty strong push higher and the futures here reflect it. They opened slightly higher yesterday for the overnight session and have crawled higher throughout the evening. Fridays strong performance, the hammer buy signal on the SOX and the second trip in a week to visit the 200 day moving average on the SPX has the bulls literally knocking at the door. Last week we saw that there wasn't a bunch of stops sitting at the 1200 SPX level. They are up above 1210 to 1212. Look for a battering on the 1200 SPX door this morning and a likely break higher into the 1210 area. Fed heads give us another increase in the rates tomorrow and maybe there's the hope that they will say they are through or almost through. Or maybe it's simply the buy programs trying to get this market started because, after all, it's November. All I can say is that the timing was right for an attempt to work this market higher and still remains right for a further push. I don't like to chase higher openings on weekend carry through so I'll look for a pull back to work further longs into.

Our thesis for a week now has been that the market wants to work higher into November. It's November and there looks to be still more work to be done on the higher side.