6/9/2010 premkt | Bulls on Wall Street

6/9/2010 premkt

Morning folks…looks like we got a slight gap up in the market about 1/2 percent on the SPY. OIL is extra strong today which is nice to see. We are decent overseas except in Japan which gets waxed on a daily basis due to decades of impotence.
Remember nothing has  changed on the indexes we had an oversold reflex bounce yesterday that did not include the russell or nasdaq.  Caution is still the key.  This is not a momo market to the downside or the upside.  Its basically a mean reversion market as rallies get faded and extreme weakness gets bought.  right now we need to see how the market digest news…especially bad news. if good news gets faded then u know we are fudged. If bad news gets faded then we are fudged.  MOMO and swingtrades are not working in this environment so stay small and nimble.  Right now the buy weakness sell strenght trade is working with loooooose stops as the chop is taking them out one by one. So go 1/2 position and keep your stop a bit looser and there are profits to be made.

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