Like I said a few posts ago, this is a tough market now. There is sooooooo much resistance above us it makes me sick to go long.
As for today's action, I'm not surprised by the late day profit-taking. The M2M news was sorta just shunned for the most part. My take is that the market tried to reverse in the afternoon and it failed. I think we closed neutral.
At this point, I'm not sure what else can make this market go up other than good earnings. I don't think earnings will improve until next quarter however.
I like the short scalps here as the market will hunt for a short term toppy top. We are short term overbought. Intermediate term we may see 860 or even 880 on the SPX.
Lets see what the market does after tomorrows job numbers.
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Hi tenyear---How about a heads up when you post a new blog--
ReplyDeleteI looked at the NAUD and it's at 2000--which is very very bad for the bulls--
zee
Another report thats under the weather.
DeleteZ: thanks for posting. How about those RIMM numbers!? Holy cow. I almost went long RIMM into earnings, but then I remembered that it wasn't 2006...LOL
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