August 8, 2012 - The Steady Trader

Small caps and transports still lagging

…and that concerns me about upside. A ton more upside gets difficult as long as small caps and transports dont lead upside.

Morning Thoughts August 8

Yesterday’s rally managed to close above the open gap and we now have two significant open gaps below us as support reference points. We reached our first upside target on the S&P 500 yesterday near 1406. We’ve discussed this upside target since Monday. Next upside target is around 1420, although in the immediate term we […]

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