PreMarket 11/4/2011 | Bulls on Wall Street

PreMarket 11/4/2011

 

Morning folks.  Looks like market is looking a slightly weak opening with the SPY just turning red a few minutes after the release of the NON -FARM payrolls.  Looks like we are at a +80k (even though its positive it doesnt even cover population growth) Looks like the real juice is from the revision of last months data to the upside.   Now that we have that out of the way all eyes turn back over to europe where Greek PM POmpoduru faces a confidence vote in the Greek Parliament Friday, a day after he backed off plans to that hold a referedum on Greece’s bailout deal.  As of right now my eyes are on the 200 day moving average on the s&p for any upside target and the 20day moving average for support.  It wouldnt be a bad thing to digest the past 2 days and have a couple flat days in the market but this market tends to not have any consolidation its eitehr breaking strong to the upside or to the downside.  The action has been pretty good past few days barring any unexpected news overseas we are in a nice period for daytrading/swingtrading and im starting to hold overnight positions.   Just be careful we are still walking on eggshells and in a moments notice we have to be prepared to sell everything and go short as this market will turn on a dime.

 

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