The working assumption is we are going to see new highs in at least one or two of the four primary stock indices. This assumption is invalidated only by a close below the June 6 lows by all four of the primary indices.

Fed speak will be the focus this week and creates an environment of potentially whippy intra-day trading. Be disciplined, trade from the extremes and based on our working assumption, you may want to favor looking only for longs.

Friday’s low is a level that is also likely to hold.