Off the Charts
This market continues higher. It held Friday's low and extended above resistance of 1404 to 1407. The next real resistance level is between 1420 and 1440. The market is overextended on a short-term basis as it extends from its 10-day and 20-day moving averages, so use hedges to stay with positions. Until the trend changes, don't fight the tape.
This has been a stock picker's market; continue to rotate through sectors when they show strength. Financials and technology have been the strongest-performing sectors, so far in 2012. Today, the banks marked "Day 5" of their recent upward move, but showed signs of fatigue in the last hour of trading. (Tune in to the T3Live.com Morning Call tomorrow with Scott Redler and Brittany Umar where they will discuss the financials more in depth.)...680 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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