Thursday Market Wrap..Good Night Detroit




What a shame, but the city of Detroit declared bankruptcy today. Hard to believe in a country as great as the USA that this could happen. A microcosm of Europe if you ask me, and we better get our act together fast.

For the day the SPX/DOW were +0.50%, and the NDX/NAZ were mixed. Bonds lost 12 ticks, Crude rose $1.50, Gold rallied $7, and the USD was higher. Medium term support remains at the 1680 and 1628 pivots, with resistance at the 1699 and 1779 pivots. Tomorrow is Options expiration Friday.

GOOG and MSFT bombed on earnings after the close and the NDX got hammered in after market, Bull markets have a short memory though.

Short term support remains at the 1680 pivot and SPX 1658-1667, with resistance at the 1699.  Short term momentum is displaying a negative divergence.

I made two moves on the P&L today as we sold 1/2 LNKD +20.00 and 1/2 STT +1.20

We’ll see if the bulls want to take out SPX 1700, but it may be tough with GOOG and MSFT weighing on the Nazzy, but you never know.

By the way, P&L names SREV, EVC and MM all are still buyable.

See you in the morning.


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