{+++}For the second straight session the 1100 line kept a cap on the S&P 500, but the benchmark index still managed to make a modest gain despite a lack of legitimate catalysts. Seven of the ten sectors were in positive territory, led by consumer discretionary (+0.9%), telecom (+0.7%) and tech (+0.5%). The financials remain on hold and in a very soft type pattern. Remember, we will need the financials to break through this wall at 1100. Personally, I’m not seeing it.
I was looking at the hourly chart of the SPX and it looks like a mini double top could perhaps be developing in front of our eyes. We may just have to wait for the release oh initial jobless claims tomorrow. I am looking for shorts here as this rally is really starting to feel long in the tooth.
If we don’t break through 1100 in convincing fashion soon, I will be all over SMN, DRV, TZA and adding to FAZ. Stay tuned.
We took off 1/2 of ARST today and added COT and BVF as longs. Just trying to hit singles as I really don’t trust this market, don’t get complacent and stay on your toes.
I have one long set up for you tonight.
