We said 1100 resistance, and index turned back there.
This is becoming easy money :-))
when one thinks that market has become easy money, one is very likely to get oneself into a whole pile of very deep doo-doo.
1070-1090-1100-1120 are the levels to watch, and perhaps play for now, but I never for a moment think that market has become predictable and easy.
On a separate note, so far, this is a 2nd day that bulls have gone limp at resistance (1100, 55 EMA, whatever) in the afternoon, market's not closed yet, but if does close soft, that would be two soft days in a row in an OpEx week while bulls should know well that a good push may force a good bunch of shorts to scramble to cover.
Is there any bulls left? Do they still have money? Has Bernanke money decided on going to places other than the equity market?
That's it for me today!
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago