Charts still look good and there should be more room to run. In AH stocks popping on bad news, this market wants to go up. Stocks never came back in the am, this market wants to go up. If econ data is good go long, if bad probably does not matter much, unless really bad.
Will not go through details of ta, but formations and indicators look good. Already picking up some subtle lack of support in BOP whic is not good, but can be ignored for now. Also it appears this is another bs rally and will get smacked next week. Suspect the market will remian fairly positive unitl IBM earnings, unless news and warnings get in the way.
Gap up, then we should get a dip on profit taking, day low 10:30, choopy action but mostly up until 2 and new highs of the day. Probably slow drift down for most of the rest of the day, but not much. Watch the close if decent you might want to go long over the weekend. One big problem with this is there could be articles of gloom and doom over the weekend about how Argentina crises is going to bring down the world markets. All I have read have this a a non event unless it tanks latin america. I hope this is accuate now that I know the day of the week.
Still bearish long term and in my heart of heart just know these gaps get filled.
Oh yeah actually ended up making money today despite coming in 5K shares short. A little long overnight, and should be more long. |
