We also have Up 200 Days!

The market action this week has been really good. We were up almost 200 on Monday, quietly digested the gains on Tuesday and then ran up over 200 yesterday (on heavier volume).

Earnings have been coming in better than expected, with Goldman and Intel being real standouts. Market internals have improved. The advance / decline line has resumed its upward move and the heavier volume on Monday and Wednesday are really good signs.

The CME bounced off its 200 day moving average on Friday. It started yesterday at the bottom of its Bollinger Band range and the action over the prior two days indicated that sellers were losing their control over the stock. CME gapped up over three on the opening and I bought 100 shares as a day trade. The trade worked out nicely (I picked up over 7 points).

Asia was up this morning (although a number of exchanges closed well off their highs) and Europe is up as well. U. S. Futures jumped when jobless numbers came in a little better than expected, but have now sold off to be slightly below fair value. Keep in mind that option expiration is this Friday.

After the past three days a pause or small drop on light volume would not be a big deal here. Let's see what the day brings.