I've been moving across town (moving up that is) so I've been absent from trading. A very nice rally spurred today by Wells Fargo. The question is, "will it continue?". I suspect the financials will give us a mixed bag this quarter and selling pressure will probably remain as folks pull out $$ to pay off debt and their houses. The $$ they are pulling is primarily going to come from commodities and this will give us a very nice entry point. I'm not sure when that point will be but I'm confident it will be before the election. 1250-1260 on the S&P is the spot to watch. If we make it through that then 1310-1330 may come fast.
I see no reason to keep trades overnight yet unless you are going to swing a commodity stock like FCX, MON, or POT. But I'd just let them come down.
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Three day move.
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