By: Scott Redler
The 50% retracement zone held as we went to 1056, smack in the middle of the important range. The bulls needed to hold that 1052-1058 level if the fledgling rally was going to have any hope, and they stepped up to the plate. It was the slowest reversal in history, but it’s the middle of July, so what did you really expect?
The market was led by FCX, X, the ags, GS, AAPL and GOOG. OIH also made a higher high above 105. There is action during a hot and humid midsummer day, and hopefully holding that level will make things a little easier for us from here on. I will sell 2/3 of my SPY here and hold some. If AAPL is good and we take off, today could have been your buyable entry.
