A big gap up this morning in response to the ISM Mfg Index at 10:00 AM. Stocks are green across the board as bottom picking buyers are vindicated and late comers are still getting in. There is some other negative news making the headlines but investors hungry for profits are discounting them for the moment. For one it is estimated 10,000 jobs were cut in August and construction spending is down.
Regardless, the short term outlook is confirmed bullish with the midterm becoming neutral – bullish. This means that long side day trades are in order and I’m getting ready for some overnight long swing trades as well.