It looked as though we were going to break above the 950 level in the S&P 500 for most of the afternoon. We then sold off the last three hours and went back into the range. The pressure is building for a breakout...either up or down. I'm more likely to go with the current trend and bet that we will breakout to the upside. If we do, we should run to the 1000 level. There are also a lot of bearish scenarios including a few technical divergences. I just feel that there is still a lot of investor money still on the sidelines. They've been waiting for a pullback...but if it ends up being a breakout, they might start to rush in. Watch the market open. We should know in the first 15 minutes what will likely happen by the end of the day. Look at DRIV, EVVV, JEF, PALM, DB, and CERN. Have a good weekend!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment