The Wrap 5/17/10

{+++}It was a day for the bears in the morning and the bulls in the afternoon. We did well today as many of the shorts triggered in the early going, some will show stops on the P&L as I take responsibility for telegraphing exits, although many of you made money on the trades anyway (salty veterans). It was a bold call and we were right, but the snap back rally gave us a few stops.

The market was oversold deeply during the morning hours and we bounced. There are no new names tonight as we wait for the markets next move. A follow through to the upside is possible at the open, holding it is another question.

We need to see if we can can take out more serious overhead resistance near 1920 on the NDX and 1145 on the SPX and continue the rally or whether that resistance becomes tough to get through and results in a market rollover.

Rental market.

Previous Post
The Morning Morsel-Golddollar
Next Post
Morning Note 5/18/10

Recent Articles