At the start, it appeared as if we were going to follow-through on the post Fed gains. We simply did not have the fire power to continue to push higher. Volume was lower on the session, but given the turnover on Wednesday it would have been difficult to eclipse. Today was not a bad session, but we had the opportunity to really build on the gains. We may very well add onto the gains on Friday. Crude oil tried to get a push higher, but like the market was unable to really find the buyers needed to support higher prices. All systems are a ago still. We will continue to manage how we have this entire uptrend. They key is to stick with the plan and execute.
Sentiment continues to be divided between the average investor and the so-called professional trader. AAII still is skewed towards the bears with the II survey and NAAIM exposure index indicate professional traders are still bullish on this market. NAAIM exposure index did show the lowest level of long exposure to equities, but it is still above the long-term average. The number of II Bulls have come in and the number of bears remains below 20%. The professionals continue to get it right while the individual investor continues to fight this uptrend.
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We hope you have a great weekend and we’ll see our platinum members in the chat room.