Off the Charts
Markets continue hang tough in the face of some complicated headlines. The headlines and the pattern in the S&P 500 are starting to tell two different stories; as technicians, however, we almost always defer to the price action. The patterns look bullish, but the headlines are very negative. In this thin tape, though, it is healthy to view the action with a bit of skepticism. On the S&P, 1235 was outlined as micro support and held midday; now the market seems poised to resolve this upper wedge to the upside.
We have seen nice participation from different groups as well as some more leaders join the brigade. Sometimes the hardest trade is the right trade, and right now it feels pretty uncomfortable trying to hold a portfolio of stocks during a time in which it seems like historic headlines are released daily. As of now, the rally remains intact, and a lot of nice set-ups exist for those willing to identify their time horizons and stay strategic....509 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.