Wednesday, June 10, 2009
Market gapping up today...Key levels on S&P
Market futures are up pretty big this morning indicating a nice gap open. Key level on the S&P to break out of its recent range is 950 on the upside and 930 on the downside. There is a lot of economic data out today, so depending on how this goes today could be a strong move to the upside if S&P can have a significant move above 950.
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Without any real new propellant the market is showing that it is having a difficult time moving upwards... The more energy that's expended to prop up the rally battle the increased probability that resistance will not be broken (bulls defeated). Even if the bulls are able to break above resistance the exhaustive energy it took may allow the bears to push it back down. The buyers may be backing off or drying up and allowing the bears to come in. Tread carefully...
ReplyDeleteOh yeah sold 12 C covered calls $4 Sep 09 at .26¢ to capitalize on the run up today on the goverment's conversion to common equity/shareholder dilution news. Will look to buy back on a pullback or hopefully let it go soon.
ReplyDeleteI kinda get the feeling that the market wants to see a significant physcological level before we have a significant pull back. The important levels I think the market is trying to reach is 9000 on the Dow and 1000 on the S&P.
ReplyDeleteHey Jason lets see if my crystal ball is right or not? :)>
Not to question the clarity of your crystal ball but when do you forsee this even happening? Timing is everything.
ReplyDeleteHow about on or before the 4th of July. My gut is the market may try to celebrate independence day a little early.
ReplyDeleteOkay so my timing was a couple weeks off. :)>
ReplyDelete