Alex Wasilewski

Our patience paid off yesterday, where early morning shorts got out downside targets of 49377 at 3:10PM   50,000 might have to wait a while. First support this morning is 49199 then 48980. Resistance is 49412.   Bank Earnings Pressure and Sector Rotation Dynamics JPMorgan Chase (JPM) kicked off Q4 earnings with mixed results: profits and net interest income beat estimates, but revenue missed, contributing to a slide in bank stocks. This weighed heavily on the Dow (which has significant...

If after the open we can hold above 49840 we should hit the holy grail of 50,000 Dow. Since the daily trend is up we continue to buy good pullbacks into support zones. As of this writing the first good support is 49725, then 49645. You can still play 1,2,3 reversals to the short side--but only for relatively small scalp trades. Fundamentals are constructive, driven by resilient U.S. economic growth, expected corporate earnings expansion, and supportive monetary policy. Analysts are...

Federal Reserve Chair Jerome Powell will be appearing on televison this morning. That is what John Walsh said. Other than that all looks OK. The daily trend remains solidly up. Only a close below 48800 would create institutional nervousness. Our first support for a pullback buy is 49330. Additional support is 49258. First strong resistance is 49491, then 49642. Analysts and strategists (e.g., from Goldman Sachs, Barclays, Deutsche Bank) view the Powell situation as reinforcing fears of...