Market Wrap 11/3/2011 | Bulls on Wall Street

Market Wrap 11/3/2011

Evening folks.  Wicked day in the markets today with the indices up nearly 2% across the board. After a strong morning gap of 1% we had an opening gap reversal nearly going red in all the indices sucking in shorts and bam! bear trap! Shortly after we reversed course and cascaded higher through out the day with every dip getting bought heavily.  the news overseas in Greece is changing by the hour. First there was a referendum on accepting the package then it was scrapped then rumors that Pomperderal was getting pushed out of office …..  the market seemed to digest it all pretty easily.   We have the 200 day moving average overhead  which was my first target in the market after the bounce off the spx 20dma.  If we can close above that level it would be very bullish for the markets it might not happen tomorrow it could take a few tries.   I was a little surprised by the move today as a new government in Greece brings on a large set of unknowns.  For all we know they could install some 95 year old hummus eating lunatic who decides to go to war against turkey to relive his glory days fighting the ottoman empire.  Tomorrow should be fun as we have some economic data JOBS REPORT AND the long awaited groupon IPO.   IPO days are fun….the stocks tend to make a huge run and have a ton of volatility.  Makes for a great trader for all the A.D.D. scalpers. Have to be careful though most of the time an ipo play tanks after first few days and takes months to recover and take out the ipo day high.  So you cant hold it.  Groupon will be  a low float play too so the volatility will be wild and should trigger a run in the whole sector if it takes off.   My brain is wracked witht his market so im keeping it simple…if we break that 200dma im happy.  If we dont then im not so happy but kind of happy.  If we break below the 20dma then im unhappy and will dump all my longs.

if anybody needs help with stocks or anything related. ill be in the bullson.ws chatroom BOOMROOM today at 9pm to chitchat.

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