Stretching Toward New Highs

It looks like the markets will start the week on the wrong foot. At least some of Friday's rally was mere short covering. With the threat of a weekend settlement of the ongoing U.S. government shutdown, careful traders didn't want to hold shorts into the weekend.

Now that the weekend has passed without a resolution, there is risk to the downside once more. Friday's close left the S&P 500 only 6 points shy of last week's intraday high of 1696.55, and that level could act as an obstacle in coming days. However, since a compromise could be announced at any time, any downside should be limited and used to pick up some good names on the cheap....311 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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