This market wants its quick fixes, its sugar highs. That is what Bernanke offers. This market acts like a spoiled baby. You take away the sugar daddy, and you get a market that plummets. You give them the daddy again this morning with news of Bernanke being all but confirmed by the Senate, and the futures jump. It is ridiculous to think that Bernanke is a savior, but perception is reality. I have closed out my long position in the overnight session because I don't see much upside above ES 1102 after the heavy volume selloff Friday. Those kind of selloffs aren't erased in one day. So I expect us to trade between 1090 and 1103 for most of the day. I will be looking to reinitiate my long around 1090 and sell/short around 1103. I expect the first half of the day to be weak, the second half of the day to be strong.
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3 comments:
what??? after going down 5%???
Alright whatever, the existing home sales sort of crashed the party.
As long as the mkt holds around here we'll just set ourselves up to shoot higher.
Still holding long.
I think the high of november through the middle of december when the market range traded which was around 1118 on the spx will be the new resistance. could be wrong though but that looks like it is
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