The Daily Dose of Trading Comments

Well, we have reached my target for the day and I've taken my NDX long off the table and am looking to short the SPX at these levels. The assumption is that the strength we have witnessed today is the result primarily of short covering. With us pushing higher and higher, the desire to put new money to work becomes less unless we cross critical thresholds. Rather than cross them, we have instead pressed right into the more significant resistance areas without much of a break. Suggests some profit taking could start up here and some renewed shorting could begin to take place. I don't expect a collapse but late day weakness has been a hallmark of this market of late so who knows.