Analysis:
Friday's Analysis predicted that "whether any upward move by the market will have any legs is somewhat doubtful, and such a market sentiment will result in a fading rally due to profit-taking." Today the market initially rallied on an upbeat ISM Manufacturing Index, but the rally soon faded due to profit-taking and dropped as many as 17 points before settling slightly higher. Looking ahead to tomorrow, the market will cautiously move higher, as the expected mid-term election results will weigh on the dollar. ADM's earnings report should lead material producers higher, as several agricultural products have hit multi-year highs, but the same factors will also negatively affect Kellogg's bottom lines.
Strategy:
Hold long at 1,160
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