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Monday, June 29, 2009

Market Thought... umpfff

When looking at the Naz it currently suggests it wants to retest its upper range of approx. high 1800s.

However, the SP 500 is in an interesting position. It bounced off the 880s support, and is trying to make it back to the 950 cap level. Its trying, but the SMA maybe holding it back.

Then we have the VIX. The Vix appears to be breaking down, and wanting to test the low 20s. This would suggest a retest of 950, and Naz 1890 level. However, it is oversold, and I hate assuming something will keep breaking down when it is too oversold. (its times like these I get cautious)

I know... I know... I hate it when I give mixed messages. But here is what I ultimately think this set up is saying... we may get some resistance here, but the Naz may lead us to retest the upper limits of this market rally.

I may trim some of my stocks at the upper limits, as we may need some help to breach this point... just too much selling at those levels. But I will maintain positions when retesting this go around.

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