The Wrap-5/3/10

{+++}Today was odd trading. We saw stops on UPL and UYM, yet the market roared higher. The materials were very volatile. BUCY (not a formal rec) was all over the place and was a great trading stock, but was basically directionless. MEE got murdered and broke all moving averages.

The financials rallied about 2% and GS rallied about 4%. Are the financials ready to move higher again or was today just a dead cat bounce after Friday? Volume was light. I think we go higher.

KERX did very well and triggered and CLDX which we’re still long a bit, made more new highs. FUQI triggered (on light volume) and should rollover if the market does. GGP has some action and we will probably exit soon, the stock exploded today and reversed on SPG takeout talk.

The bulls have retaken the hill so we must follow the trend.

Previous Post
Next Post
The Morning Morsel-Spill Baby Spill

Recent Articles