The Wrap 8/15/11

{+The S&P gapped up today, retraced to 20 day moving average and bounced through the rest of the day. The market lifted in the last ten minutes and managed to close above 1200.

We triggered long on WLT, FCFS and DTLK. ACOR triggered short. Bear in mind, none of these triggers were impressive, as volume was lacking and although the market was strong, the rally was stealth. With that said, the next stop on the S&P could be the 1218-1220 level, barring any bad news from Europe.

Europe, the Euro and the dollar will be in play all week. Watch closely, see you tomorrow.




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