Market has found support (for now)
- Posted by vinaydh
- on February 16th, 2010
Market found support last week. The SPX 1060 level has held for now. For me the clue to cover shorts was when BIDU gapped up and continued rallying after the earnings. If a momentum stock like BIDU gaps up +$40 and keeps going higher, that’s not a sign of a weak market.
The levels to watch on the upside are 1090 and 1105. The market may have dodged the bullet for now but we will know for sure next week. Most of the action this week will be colored by options expiration and I think it should be positive for the market near term. In short, keeping a long bias for now but will switch back to the short side if the market dictates. This market may hit headwinds next week but next week is too far out in the future to worry about right now.
More from Thinking Trades
- Market on the edge
- Market in indecision mode
- Can the hammer save the market?
- Market keeps plowing ahead
- Market on strong footing
From the Stocktwits Network
- SPY Analysis for 12/4/09 (Chart.Ly Blog)
- Market Notes (10/27/09) (Joe Fahmy)
- Pre-Market Take (02/08/10) (Aiki 14 Market Sense)
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