PRE MARKET

Dow and more importantly, S&P are on the verge of breaking out of a 3 month trading range. The pullback at its low was only about 3%. Last week looks like it was nothing more than a scare day off of the naming of a special counselor to investigate the Russia stuff.

Keep in mind, this is a very narrow move as even now, we can count about 45% of the market not participating. We don’t mind. Just pay attention to the bouncing ball. A high volume move above range will go a long way in thinking another leg up is at hand. And yes, we know we are in end-of-month, pre-holiday trading but we do not rationalize.