Monday, March 22, 2010
Bulls Defending 1150 SPX
The healthcare bill has passed, as most expected, and Greece news is giving us this gap down. It is only 5 points from the cash close, so the sellers aren't very active for the news that is out there. I am suspicious about this weakness, I think we will probably at least test a gap fill for today, if not 1158. I don't see the selling firepower just yet. Lots of investors were left out on this 14 day SPY win streak and will come storming in on any weakness that has been mostly absent. I will join the bulls in defending SPX 1150 if we get there. I don't think we're quite ready to dump just yet.
Subscribe to:
Post Comments (Atom)
Posts
1 comment:
I didn't expect the Nikkei to be closed. World markets tend to drop (rise) together and if a major market doesn't participate, the bulls will be allowed to run. I will go long on my last cash position.
Post a Comment