The above daily chart of the $SPX shows that the last three closes are literally a handle or two from each other. You can even go back two more days if you want, just to see just how tight this range has really been.
Many are looking for a top here, but you can open a new chapter if we can close above 1525 with volume. That gets you the 1550 level pretty quick.
Regardless of where we go from here, the trading action has been nothing short of spectacular. There are breakouts all over the place and some really decent momentum in certain names. Today, some of the $OIH names exploded. See $SLB, $HAL, $HP , $BHI, $LUFK and others. Energy names, after being in the doldrums for so long are finally getting serious attention.
Just when though it was safe to throw dirt on the solar sector’s coffin, they have risen like the Phoenix. Names like $FSLR and $SCTY are getting bids. Justified or not, they are in play.
Technology is biding time here. $GOOG went for more new highs today and $AAPL still trades like drek.
The hedge fund boys like Icahn, Einhorn and Ackman continue to make headlines.
Einhorn is about as trapped in $AAPL as Dorner was in that cabin in Big Sur . So he sues. Mr.Ackman just took a massive shot to his solar plexus, as Icahn announced that he owns 12% of $HLF. The stock is now ripping (plus about 30% in after market trading right now), Ackman is sipping a T-Bone through a crazy straw at the Palm. Good clean fun. I love this shit.
Hard to bet against Icahn here, the man is on the roll of lifetime. Also, this seems personal for Carl. $IEP
The markets are closed on Monday and as always, tomorrow should be fun.