Thursday, July 5, 2012

Thursday Evening


The SPX has pushed up into the 1360-1370 high volume zone... and has probed up as high as 1375ish this week. There are some short term indicators suggesting we could pull back a bit going into next week... but considering the minimal reaction to Euro weakness (Dollar strength) today, I'm hesitant to think we will get much downside. It definitely feels like we have some "other" forces at work on the bullish side... and history suggests not to fight it too hard. That being said, the daily chart above shows the 3 major high volume zones I'm watching. We also have the 50day at 1340ish... which is where I'd expect the bulls to make a more firm stance if we fall below 1360 on a closing basis.

Thursday Afternoon

FIO Daily Chart (11:40AM)
No doubt it could use some volume (what stock couldn't) but it has now traded back above the 50 day simple moving average and it looks like it could trade to the 200 day.  No position but that could change.

Thursday morning


So, now that the barbecue is done, let's get back to making some coin.