Stock futures built upon yesterdays solid gains in the overnight session. The key 2100 level was strong resistance last week, this week it is acting as support.
Yellens early afternoon comments were enough to take take market down to test our new 2100 support, before buyers took the market up to 10 month highs before the close.
With the Corporate Bond buying experiment from the ECB kicking off tomorrow, the market breaking key resistance levels, and last weeks jobs report pushing back rate hike expectations yet again - we would see equity prices continue to levitate into the summer months.
I am in some $GS and $NFLX calls. I think both are going to see a nice recovery rally the next few months. It was this time last year $GS was in the midst of a rally to a new multi-year high of over $218 a share. It now rests some $60+ below that figure, with plenty of room to recover those losses.
$NFLX is setting up and a break of trendline resistance could incite a nice rally over $105 in she short term and back to $120 in the medium term.
$GOOGL after falling most of last week and early this week, is nearing support.
I covered more in my video from last night.
I'll see you in the chat room.