Morning Look 5/24/12


Yesterday the market staged a magnificent rally off the lows.They never ring a bell at tops or bottoms, but the market bottomed about 12:30 yesterday and started a rip at around 2:40 PM. Below is a view of yesterday’s 10 minute SPX chart.

S&P Cash
S&P Cash

There comes a point where the market grows weary of the incessant negativity and the redundancy of bad news. Yes, I speak of Greece and Europe. The market shook it off and bounced hard. Right now European markets and the euro are up. The dollar is a bit lower.

I was going to add some names last night, but I wanted to see how things shook out overnight,t but I may add a new name or two today during market hours. Try and get on the chatroom this week as it is becoming more active. We traded AAPL the other day for about 10 points and hit it well yesterday with a long in GDX. I have also been giving out key levels to watch on SPY and QQQ and that has been working well. We are catching some good moves.

It’s important that the market can hold yesterdays rally and not give it back, if it can, I will be more bullish going forward.


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