Chop Til’ You Drop

S&P cash
S&P cash

The S&P ($SPY) came within about two handles of its 50 day moving average today. Volume has still been a tad lower than the downside volume that we saw last week.  Headlines are all a flutter, especially today because we had Fed governors chirping all day in addition to  European headlines.

This is the spot where the S&P will either be rejected or run. If it does break through the 50 day moving average resistance we could see a move to the 1225 level which is the 20 day moving average. Of course this all depends on Europe behaving over the next few days.

$AMZN had a rough day and gave back a good chunk of yesterdays effort and the chart from my perch still looks like drek. I also somehow pepper sprayed myself while shopping online today.

$AAPL is still messy even though it sold like a bozillion iPhones every nanosecond on black and blue Friday. I’m telling you it just isn’t the same without Jobs. Call me crazy. I still believe that many Apple growth buyers have started to pass the baton to the value players. We will know if I’m right about  a year from now.

$GRPN and $LNKD are in free fall and just cant get out of their own way. Most IPO’s I wouldn’t play with anyone’s money, over hyped and overvalued.  Facebook is stupid silly with its valuation and I think smart money will run the other way when it hits the IPO runway in April.

The market is still all about the euro and the greenback. Shut everything else off.

The Eurobuck
The Eurobuck

It still remains in this wedge and was stopped at the top of the wedge today. Keep your eye on this, as it will show you the way.

Good luck tomorrow.

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