Analysis:
Yesterday's Analysis observed that "the fact that the market did not sell off in the wake of the Fed QE2 sets up the stage for a further upward movement," and predicted that "technology stocks led by Qualcomm and industrial stocks led by automakers will propel the market to close above 1,200." Yesterday's market did set up the stage for today's impressive market movement. Both Qualcomm and Ford settled more than 4% higher today, and the market closed above 1,200. Looking ahead to tomorrow, the overall employment increase will be lower than 60,000, while the payroll increase will be slightly higher than 80,000. The market has become over-bought and will find it hard to march higher.
Strategy:
Offset long at 1,213 for a profit of 53 points; sold short at 1,213.5.
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