The Wrap 3/25/10

{+++}Every time the market lets some air out of its sails the bears think the rally is over. Frankly, I am completely agnostic on the market right now, I’m just following the trend. We got stopped today at the 1180 area which I said last week on was the  resistance area-1150 is support- simple right? Never simple, but we have to respect the technical levels. We are so overbought it’s not funny, that’s why I took more profits today, Hey, we can always buy back. I still believe that the institutions may want to put a higher print on stocks into quarters end, but they could also take profits. Vague I know, but that’s just how I look at the market.

I raised some stops and we got stopped on JOYG for the second time, that stock will run with the materials and they got hit today. PLEASE CHECK adjusted stops as they have been raised. I still think we could hit S&P 1200 by the end of this month, but I want to be cautious. If we miss a little that’s left on the upside, we will make a bunch on the short side. I hope you guys respect that.

I will see you tomorrow, and yes I’m doing the chat room for all of us, give me a week. It’s should be a blast. Please tell your trader buddies. I have mouths to feed. ;)See u guys tomorrow.

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