Busy busy busy

Hi all,

I've been pretty busy this last week and I will be going on vacation next week so posting will be very light. Anyway, all the quant studies are overwhelmingly pointing to further intermediate strength. In the short term we are overbought but as you can see from the last couple of days action. Any weakness has been a good opportunity for bulls to get long. Until that pattern changes on an intraday level, the path of least resistance is up.

Friday pre-market thoughts

ES hanging right around the 50 day moving average this morning. Frankly I expect a range bound consolidation type of day. Market is overbought but we have reasonably strong seasonals today. PMI at 10 could be a bit of a mover but I will wait to see what the internals are and how the tape action is going before deciding on what my bias is going to be.