Morning folks. Looks like the market is having a nice gap this morning following strength in the euro markets. The market will be openign in a tricky place. After yesterdays confirmed breakdown of the 50dma on the s&p this gap will put us smack dab right under it which could serve as heavy resistance and a spot for trapped longs to unload their positions. Gap up days are notoriously tricky as its tough to chase stocks off your watchlist. STocks I was looking at like $renn $mitk are both up 6% premarket. What we’ll have to do is wait for an intraday setup in the market itself along with the stocks to make sure we dont get stuck in gap reversal.
oh yeah! AND FLYBALLOON won the bulls contest with a guess of spx closing price of 1359 she was .42 off the mark.
she will get a free sub to bulls and some BULLS SWAG! http://www.zazzle.com/bullsonwallst
Here is todays video:
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also like $invn $trip $sbsa