11/23/2010 gameplan | Bulls on Wall Street

11/23/2010 gameplan

 
Well  thank our brothers and sisters over in Korea for laying a big fat loogey on our thanksgiving dinner. The action yesterday especially the close was very bullish.  but low and behold pooooooooooooof that is gone today over talks of “war” (yeah right). This is laying considerable pressure on the futures. Expect a gap down. Looks like a gap down of 1% across the board is in the cards. Oil and GAS showing slight weakness.  Keep an eye on them for a red to green move as there are a ton of oil & gas stocks near breakout. A red to green move in the sector could trigger a nice run for some of the setups. Things to look for.  Support at yesterdays low in the 1184 zone on the SPX.  If we break that then 1175 is in the cards and the next area to look to load on a bounce point. 
 
The big resistance on a opening gap reversal and fill is SPX 1200 which is serving as some nice resistance for us.
 
today is a big day for the bears.  they have had numerous global and macro economic news events to really capture and take charge of the trend. But they havent had enough in the arsenal to take down the market.  Add the threat of “war” its important for them to take the next couple days and take us down to the 50dma and try to break it.  If they cant with all thats going on thats a big red flag on their conviction
 
tga, axu, exk, pal, tga, wti, sprd  keep an eye on thqi on pullbacks
 
 


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