Real Quick

Overnight futures rocketed higher on news of possible stimulus from China.  Futures have since eased some with S&P500 futures up just over .4% pre-market.

The overnight pop met resistance at 2600, a level which has proven formidable previously.


In my opinion we are nearing the make or break moment for this recovery.

Earnings yesterday by Citigroup was met initally with a negative reaction, which was followed by an all day rally, sending the stock up 4%.

This morning analysts are out upgrading the stock.  Could this possibly be foreshadowing the earnings season to come?  We will find out this morning when $JPM reports.

Also note the VIX is back under 20 and in the meltdown stage, after its recent stay over 20, 25, and briefly over 30.

A positive move by financials, could be what sends this market over current 2600 resistance.  And ultimately move the VIX back down under the key 15 level.



Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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