Market Breadth Update

What a difference a week makes. The $DJIA was in the single digits as far as the number of components above the 200 SMA and now it stands at 40. Sure, volume wasn’t involved, but try telling that to those who held their short positions this past week. Next week has plenty of opportunities as we “officially” begin earnings season with $AA on Monday.

It’s also option expiration week and we have some rather important bond auctions totaling 69 Billion in theĀ  3yr and 10yr notes as well as the 30yr bonds. The expectation is that the demand will be strong. Lastly, we get several economic reports including retail sales (Wed), PPI and Philly Fed (Thu), CPI and UM Consumer Sentiment (Fri).