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By Tuesday’s close all anyone could talk about on Wall Street was the Dow and how it closed at its highest level in more than four years.
And there was similar chatter about the S&P, and how it finished within a stone’s throw of a level it hasn’t printed since May 2008. A convincing break above these key levels should set the market up for more gains, according to the chatter.
Fundamentals seemed to favor the bulls - the latest economic data showed the pace of growth in the U.S. manufacturing sector picked up in April to its highest level in 10 months.
But the Fast Money pros think the action may be deceiving. They remain cautious, very cautious. “Much of the world was on holiday,” says Joe Terranova. “We're about to get PMIs from Germany, Italy, Spain and France – that’s important.” It could be back to reality on Wednesday.Trader Tim Seymour agrees. “Most of the world was on vacation – let’s see what happens on Wednesday.” Seymour is troubled by the lack of breadth in the market. “55% of the S&Ps move comes from 30 stocks – we need to see it broaden out.”
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