Two huge rallies on the S&P 500 took us from the lower end (~127.5) of this range to the upper end (~134) in the last 10 days. Can the market break out to the upside here? If so that would be very constructive for the bulls and would bring in to play the 50 day moving average at $135 (and falling). I am skeptical however, this rally could possibility be options expiration (Thursday) related since put holders are most certainly taking big profits right now, especially in financial stocks.Tuesday, March 18, 2008
Can we break out of this SPY range?
Two huge rallies on the S&P 500 took us from the lower end (~127.5) of this range to the upper end (~134) in the last 10 days. Can the market break out to the upside here? If so that would be very constructive for the bulls and would bring in to play the 50 day moving average at $135 (and falling). I am skeptical however, this rally could possibility be options expiration (Thursday) related since put holders are most certainly taking big profits right now, especially in financial stocks.
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5 comments:
The market's answer to the title of this post was a confident "hell no!"
the markets aren't finished falling. I haven't seen the panic mode that we are waiting for. panic should take us down to the 9800 level and possibly down to the 2002 lvls. Until gas/commodities take their humbled fall we aren't finished with this bear market. :) Just my own humbled opinion.
Agreed, thanks for the comment
That's the way that the world goes round.
When I was a much younger man, this song used to be my anthom: http://www.youtube.com/watch?v=CczphUhybmc&feature=related and I had all of his songs and saw him in concert in Toronto quite a few times. He was a strong inspiration for quite a few big guys out today.
But John Prine puts todays events nicely to song: "that's the way that the world...goes round."
Dear Abbey and Illegal Smile are also tops!
Cheers,
TooQuiet.
I couldn't spell anthem back then either!
But really, if you want to get some perspective, get a case of beer and a bottle of JD, a couple of your closest friends, and listen to the best of John Prine.
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