Economic Data to the Rescue!

The bulls seized control of the SPDR S&P 500 (SPY) early, pushing the S&P 500 back into a resistance area above $142, and it now looks like we are ready to party all summer long.

SPDR S&P 500 (SPY) Source: View Chart » View in New Window »

Those looking for a shot at a short entry, and with the true heart of a bear, may want to enter here and place stops a bit above the previous highs for the year. Unfortunately, there is nothing from the technical side, which supports that trade thesis beyond price resistance. The last few days have been quite dull, and today is reaffirming why you shouldn't short a dull market. I believe there will be shorting opportunities, but today has setup as a trending day, so short at your own risk. I don't think I'd give it any consideration unless the SPY breaks back under $140.70....239 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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