Market had chance of a 'correction Tuesday but going into the close it looks like another up day....
The strategy for the balance of this week is pretty simple:
S&P futures above 1040-00/1041-00 you are long...below you cut: http://img35.yfrog.com/i/h5f.gif/
Alcoa came out beating top- and bottom line (http://tinyurl.com/yadf3y5) - setting the pace the next 48 hours?
http://stocktwits.com/t/AA (Stock twitter - flow/and latest news)
The Alcoa chart looks pretty much like the S&P - an upward channel with potential break to the topside..: http://www.finviz.com/quote.ashx?t=AA
http://www.calculatedriskblog.com/2009/10/consumer-credit-declines-sharply-in.html and Dow Theory also looks like it sending out clear signal of potential divergence as DOW Transport is NOT close to making new highs....: http://img251.yfrog.com/i/6zq.gif/
Core long equity (with time stop around middle of next week latest)Sceptical on fixed income - more and more focus on China waning trade surplus...
US dollar weakness (but it seems Trichet was "pounding the table" about the weak US Dollar over the week-end, but I will dare him to "frank & honest" in the ECB press conference...so... fade the Trichet comment ....sell US Dollars....