9/10/2010 premarket | Bulls on Wall Street

9/10/2010 premarket

Morning folks. Futures drifting a bit higher indicating a higher open as investors are easing their worries of a totally stalled economy.  thats too be expected as we’ve had a slow news week this week in terms of news and data. Besides and OBama news conference we dont have much in the cycle today.
We are still in bearmarket trading. This is how it works..People get giddy we drift higher to resistance while getting very overbought.  Then one piece of news can take us tumbling down a few points. That cascades as others lock in their profits sending the market down even further.  Will that happen now, maybe, maybe not. But we’ve seen it happen 2-3x in last few months.  Im preparing for a pullback.  Stay light.  One off day and we blow below SPX  1100 and next stop is 1083 the 50dma.   so be wary of those levels.
Otherwise been a good week. Protect your profits.

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