By: Scott Redler
You always need a strategy. Last Friday, I talked about how this market was very OVERBOUGHT at around 1,100-1,115 on the S&P. BUT, the rally off of 1,044 was potent enough that it should be buyable.
On February 23rd, I sent out the following chart on the S&P outlining the 1,080-1,090 zone as a buy area.
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It’s always tough when the headlines hit and the emotion sets in, but today the market hit 1,088 and since then has bounced over 15 handles. You always need to know your plan, especially when the market confirms it.
Now take a look at the chart following today’s action:
BTW–this morning, I DOUBTED MY OWN PLAN–things always look grim as they are taking place. Trust technicals and levels!
Have a nice evening and enjoy the snow!
RedDog
P.S. ALL the stocks below acted great and are still building very strong technical patterns. I will have some charts in the future:
BIDU
AAPL
RIMM
CREE
VMW
GLD
FCX
BAC
JPM
