The Wrap 3/21/11

{+++}It was a gap day and then a sideways flat line for the balance of the day. Schwab bought Options Express and AT&T spent bozilllions to buy T-Mobile. That gapped us up, as takeouts are always good for stocks.

Japan was closed today, but the Nikkei is currently up around 3% and S&P futures are down slightly. The S&P got halted a few times today at the 1300 level. The 20 and 50 day moving average resistance is around 1304, so it will be interesting to see if the bulls want to push through tomorrow.

I am leaving the shorts on for a few days and we wait for the dust to settle. I want to make sure this is real.

I have a new long for tomorrow, have a great night.

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