Outlook for Jan 6

Another failed attempt for the bears this morning. After the first hour of pulling back,¬†the bulls picked up and reversed the course for the second day in a row. Strong economic numbers especially the ADP’s job report acted as the catalyst for the bulls to rally. I’m expecting tomorrow Non-Farm Payrolls report to come out with good numbers also. In the past markets, however, tended to move in opposite¬†direction with the NFP’s numbers. Being cautious I closed half of my long today and let the rest run.
1,292.66 here the bulls come!

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