Let This Rally Run. Watch For Signs of Resistance Near SPY 115 or Earlier!

Yesterday, the market convincingly broke through resistance at SPY 110 and it closed right at the 200-day moving average. Earnings have been excellent and we have had a reprieve from Euro credit crisis and from economic releases. This morning, DuPont blew away estimates and we have another cyclical stock that is marching higher and giving good guidance. FedEx raised its forecast yesterday and described improving transportation activity. Bulls have the ball and they are running with it. Interest rates are low and stock valuations are reasonable so Asset Managers are putting money back into equities. From a return standpoint, Asset Managers …

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