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Wanting to Hold 200 Day Moving Average

Pretty quite day, somewhat expected as they're wanting the S&P to hold and build on its 200 day moving average. But again volume is very light.

Earnings by multi-national companies have been great, but does that translate into Main Street America? Not yet, which is reflected in all the economic reports.

Tomorrow we have COP reporting, but Thursday is the big day with XOM, SUN and CVX reporting. And although I don't believe we should rally any further without some type of pullback, I get the feeling it could use these energy earnings as fuel.

If it does for a couple days, that will be a great time to add some short protection.

For now with 1 1/2 hours to close and considering the light volumes one would figure we'll rally to close, but still not any decisions to make. The one thing that does surprise me is the drop in Gold which is also bringing SLV down.

AND lets not forget that they'll be wanting to hold these levels until we get the August jobs numbers, which they'll start talking about real soon. We get some bad numbers there (which probably are not good) and that'll be the excuse for a pullback.

Disclosure: Long DIG SLV VXX Short XLE QQQQ SMH XLK XRT