The market is looking bullish as we head into the final trading day of the week, and a lot of people are asking me what the next major catalyst will be…
The bond market (TLT) is down again today, but the market is waiting for something, and that something is the next Consumer Price Index next week.
If bonds keep falling, it’s going to be impossible for stocks to keep rising. Like I mentioned Thursday, volume is also still falling.
So there’s very little commitment at these levels right now, and it could be algos that are continuing to drive prices higher.
I’m willing to bet that in the next several months, the market will come back down quite a bit because it’s come up so fast with low volume.
For the S&P 500 ETF (SPY), that’s back closer to the $460 level, which is why I’m looking at a lot of blue-chip stocks right now.
Earnings are about 75% behind us — we’ll do an analysis in my VIP Room at 11 a.m. today!
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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