Wednesday, June 2, 2010
Going to 1110
This market has found solid support at 1070 and we're likely to test the upper bounds of the new normal, which I believe is around 1110. I think we're likely to continue this strength into tomorrow as bulls get excited and get ready for a blockbuster nonfarm payrolls report (consensus 500K). I don't think we can go much above 1110. Any shorts taken from 1105 to 1110 should be comfortable to hold for the next few weeks.
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1 comment:
I should've posted this yesterday after the close when I thought about it. It's possible we open just below the 200 day MA, touch it, sell off, then before the close, rally above it. -Petsamo
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