Resistance on SPX is around 825-830 ish. But there is sooooooo much overhead resistance on almost every tick above that area too that it is going to take a lot of bull power to keep pushing higher.
I'm not sure what yesterday was all about (ya know the intraday downward draft and then sudden last 45 minute blast higher)...they sold the good news yesterday...they are buying the bad news today....we have a ton of overhead resistance....a ton of cash on the sidelines.....a decent amount of time for the government's circus schemes to take effect....bank stress tests looming in the near term...tax refunds coming out soon.....suffice to say that the market is getting "harder" to trade here.
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Hello Tenyear
ReplyDeleteWhat is your thoughts on M2M on April 2nd?Are you long on financials like FAS going into this thur?
The markets harder than a rock.
DeleteAnonymous poster:
ReplyDeleteI'm not sure what exactly to do with this. I was long some items today but got out near SPY 81.
I'm leaning more on this notion: Those who wanted to be long ahead of this got in a couple of weeks ago. Now that the quarter has ended, I feel like this will be another sell the news event. The toxic asset plan to involve the public taxpayer is outright frightening to me...I'll comment again tomorrow on any change of direction I may take.