Wednesday, September 29, 2010

Futures Point to a Flat Open...

BMO - ES -0.25 and NQ +1.00 are near even about two hours before the open pointing to a flat to slightly lower open...the end of the quarter is tomorrow, so typical instituional window dressing may be keeping the market near resistance...today we will watch if buying can take the SPX through the 1,148 resistance and towards 1,170...if not watch your profitable trades for a potential exit if weakness appears...

On Tuesday many stocks were weak in early trading only to rebound in the afternoon and close near or at new highs as the SPX touched Friday's open or S2 before rallying to close near Friday's high...

GMCR is down -4.21 on news....our GMCR virtual trade placed on September 3 closed out with a large profit on Tuesday after hitting its OCO bracket target at 37.90

SPX
Resistance: 1,148, 1,170
Support: 1,130, 1,115, 1,100


TLT is unchanged and the EURO is up 20 pips in pre-marketing trading...

Quoting Down - GMCR, WHR, LVS, PCP, MA, CMG, CAM, FAS, V, POT, CRM, ISRG, URBN, COST, WYNN, SHLD, CELG, LINTA, GOOG, LRCX, KLAC, BIDU

Quoting Up - SNDK, FFIV, BA, AGU, MCD, GS, FAZ, TSL, VMW, AAPL, GENZ, CTSH, XLNX, NTAP

1 comment:

Anonymous said...

Dave,

Do the last 4 candles on the SPX look a lot like the 8/2 to 8/10 time period that was followed by a drop to the 1040 area?

What do yoy make of that?

Thanks
Don