Market’s Toying With Us
After 277 point down, the market swing at us with full force to close higher. So where actually are we? There’s no positive news yesterday so I believe that the rally is still based on technical factors (bottom fishing everyone?) in which does not justify a sustainable moves. (NCTY is not a very smart move, why the heck did I break my vow to not trade anymore earning plays? Although XLF dipped briefly so I can unload at break even)
However, with Friday’s looming for Bernanke’s speech (and possible sign of a rate cut), I believe that we will see INDU test 13300 level. If it breaks, I’m going to throw more cash into the trade (currently 80% cash) still conservatively waiting for Friday’s speech. This Thursday is going to be a good day to trade ;-)
Here’s the level that INDU must break (didn’t post COMPQ’s or SPX’s chart because both already broke its short term bearish resistance):
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