Monday, September 20, 2010

Breakout

The breakout players and the momentum funds are loading up here and there are no sellers.  I think we'll stall out around 1133, which is the overnight high from Friday but this breakout should stick till at least the FOMC announcement.  I have gotten out of my short for a loss.

3 comments:

Anonymous said...

Market is moving because of what they are "hoping" the Pres. says?
Do you really think he is going to introducing a bunch of NEW ideas to bolster the economy? Or just push the same old ones?

My guess is the latter and just blame the GOP.

Market Owl said...

The market just got attracted to that 1130 number and when it went above, it was a straight move higher. It is all technicals. Also I don't think anybody wants to be short ahead of the FOMC tomorrow.

Anonymous said...

Like I stated earlier..same old stuff.

Is this just a confidence thing? Is the Prez. going to make a speech or hold a town hall every week to try to boost the economy and markets?