Wednesday, December 3, 2008

Update

Heavy buying in the financials with GS and Citi leading. GS is up more than 6% and C is up 5.4%.

This has sent the entire market up with the SPX up nearly 1% and the DOW is back in positive territory UP 55 points or more than 300 points higher than this morning’s low. Like I said, crosscurrents, and lots of them! If you are day trading then going long off this morning’s open was a good play. It looks to me like there could be more up side here, but I don’t have what I would call a good target. Again, when the math isn’t pointing me at targets I can see, I’ve learned that it’s best to just watch. Right now the SPX is at 856 which is EXACTLY the bottom of that old triangle. It’s amazing to watch how many times the market finds that level…

Definately a bullish cross on the 8/34 5 minute... have fun if you caught that on the long side! Next area of resistance will be about 866.