I'm finding it harder and harder to like this market. Time has been on the bullish side but even that is starting to run short now. Despite the end of quarter mark ups which are truly being carried out it appears, there is a stench that is growing on the Street. When the rot will be discovered I'm not sure but I am sure that I don't want to become a part of it.
I see gold and oil up again early and futures about even. I see a market that is rescued each day when the mutual funds put money to work. Will they be able to hold it up through week end?
My desire was to short strength up around the 1225 SPX area. So far, 1220 SPX has contained any advance. If they don't break it today I doubt they will and it will be time to consider a swing trade to the short side rather than the range trading we have worked so far. In fact, I'm more concerned about range trading on buys now as we have done along with short trades this week. I'm more apt to take a short trade now than a long. Any longs taken have to be on a short leash.
Take a hard look at the 1212 area SPX. If that area falls today it could get ugly before month end.
I see gold and oil up again early and futures about even. I see a market that is rescued each day when the mutual funds put money to work. Will they be able to hold it up through week end?
My desire was to short strength up around the 1225 SPX area. So far, 1220 SPX has contained any advance. If they don't break it today I doubt they will and it will be time to consider a swing trade to the short side rather than the range trading we have worked so far. In fact, I'm more concerned about range trading on buys now as we have done along with short trades this week. I'm more apt to take a short trade now than a long. Any longs taken have to be on a short leash.
Take a hard look at the 1212 area SPX. If that area falls today it could get ugly before month end.
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