Well, the market wasted no time testing the psychologically important 1400 level on the S&P this morning and in the process, gave us a new intraday high for this consolidation series over the last 3-4 months. It was pretty plain that it was just a psyche raid to fill some orders that jumped the gun a bit too early, volume was way to low.
So now we have a morning range on the SPY between about 139.40 and 140. This morning range, as most, may just determine the course for the rest of the day. Do the bulls break it to the upside and give us a psychological victory or do the bears break it to the down side and say, "not just yet"? We'll see shortly. This week is important, over 100 of the S&P 5000 companies will report earnings, we have a GDP number that Briefing.com expects will beat street consensus and we have a FOMC decision. Friday will tell us the whole story I suspect.
As of this minute, the market is taking another shot at that 1400 level so I'm gonna get back to work.
Monday, April 28, 2008
Patience!
Posted by Brandt at 10:10 AM
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