Good Morning Traders and Investors,
Take a look at the chart below. I know, I know, WE DID 226 POINTS TO THE UPSIDE YESTERDAY. As I mentioned in yesterday’s post “Dubai Daily”, the uptrend is intact until something fundamentally or more importantly, technically changes.
BUT, look at the highs in $SPX. Traders are selling the _____ out of it at just below $1113.00.
AND the dollar remains the same – trend down and near lows, but NOT going lower.
A great way to play the equity indices, ETF’s or individual stocks is if it breaks above $1113.00, go ahead and trade the momentum to the upside with a tight stop below that level. Use the old adage, old resistance becomes new support.
Again, as I mentioned in yesterday’s “Dubai Daily”, bear calls at the top of the range have worked well as over the past 3 months we are almost more sideways than higher – REALLY, take a look!
Oh by the way, the Financials are lagging and NOT making new highs as the equity markets have climbed higher over the past 6 weeks. Check out JPM, MS, BAC, C…
Happy Trading and Be Environentally Cool
