Checking the Range on the S&P 500
Even though we've bounced nicely from the open, there still has to be a lot of concern with the action in gold, silver, U.S. Treasuries and the volatility index (VIX). I really hope buyers today aren't pinning their hopes on an emergency Fed meeting with a QE3 announcement. I have no idea what validity there is to the thought, but buying just on that is a very big lottery ticket here.
The areas to watch on the SPDR S&P 500 (SPY) for the day are $113.80 for support and $114.80 for resistance. If we see a move beyond either level, then this wide range for the day will be moot, and we are looking at another 5-to-10-handle move on the S&P 500 beyond the end of the day. I won't be surprised today by some very late-day action, and it may give us some insight into expectations for early trading on Monday. If someone with big pockets "knows something," then acting at the end of the day today would probably be their approach....476 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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