Off the Charts
After Monday's reversal, the market began on a positive note this morning, giving traders the opportunity to fade the open. Traders looking for continuation moves to the downside or upside aren't being rewarded as the SPDR S&P 500 (SPY) continues to navigate this lower range. The indices all closed the day up more than 1%, erasing half of yesterday's losses.
After putting in a low of 1266 last week, the market is trying hold a higher level of support. There is a good case for the bulls and bears right now, which means less is more until there is more clarity about further direction. One would expect yesterday's reversal to be in control of the market direction in the next day or two. However, if the S&P continues to hold above 1300, there is a greater chance that the S&P will see higher prices. There are still a lot of complicated headlines out there and the action remains choppy without much follow-through in either direction....669 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.