The Breakout Is Holding and the Price Action Is Bullish. Mega Cap Earnings After the Close Today.

Yesterday, the market inched higher the entire day and the breakout above SPY 130 feels legitimate. The price action was very consistent and the rally did not get ahead of itself. This stair-step pattern is bullish. I still feel there are enough dark clouds on the horizon to justify a hedged approach. The overnight news was fairly light. Earnings were in line and financials are edging higher after Bank of America and Morgan Stanley. This sector looks overbought and I believe the gains from this point forward will be hard-fought. Top line growth was below expectations and new regulations will crimp …

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