Thursday, August 12 – Quick Hit
This morning we bounced off 1070 on the S&P Futures. I'm thinking this is 'just' a bounce and am targeting 1066. The VIX bounced again at support but needs to clear and hold the 28 level if it wants to continue upwards.
Defying Gravity
Today the most prevalent question in my mind is whether we’ve now already priced-in the following two scenarios: 1) a very republican outcome in the November Mid-terms and 2) The Fed’s much mentioned QE2 missiles. If these two things are priced in then I feel we are due for some selling pressure the next few […]
The SPY
Friday's reversal came late in the day on a summer afternoon and is therefore suspect to games being played by just a few players. Nevertheless we must respect price action, which on the margin speaks for further upside. I'm currently targeting 114 on the SPY
JP Morgan And Cisco Continue Looking Good
As discussed the last two weeks JPMorgan continues to look good for further upside. Today it put in further solid performance and I am taking 2/3 profits. Further in the 'winner winner chicken dinner' camp is CSCO. I opened an initial position in CSCO early last week and added some today. My first […]