Pre-Market Notes – March 29th
With the SPX right at (but above) the 50 dma, yesterday was a bit of a lazy session. Investors need some rest here to digest the wild swings from the past two weeks. At the same time it is quarter end (3 trading sessions left) this week so I would think the swings in either direction should start again soon. GLD and SLV look somewhat toppy as they seem to have found at least temporary resistance. It’s difficult to say what to do here in GLD and SLV, which is another way of saying we’re waiting for better setups to surface.
Yesterday’s mini sell-off in the last 30 minutes made up half the daily trading range in the SPX, which says a lot about the slacky action during the trading day.
AAPL was a great indicator yesterday for clues to the late-day selloff, as such I will again today look at AAPL, BAC, and GS.
SMH and individual semiconductor names still look like great short entries, but much like the overall market I’d like to see more clues develop as to in which direction the next 20 points on the SPX will go.
