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Tuesday, May 3, 2011

Market Thought... charting

With the strong push upward, there is a lot of support. The daily has the 14 SMA and horizontal support near 1340.

If the rally is to continue there should be a bounce off the 14 SMA or the 1340 level.

If negativity creeps in the psyche due to geopolitic or EU issues (potential Greek debt restructuring in June), the SP500 may bounce off the daily 62 SMA (1320), the weekly 28 SMA (1282) or worst case, the daily 150 SMA (around 1265). (The debt ceiling issue got pushed back today to Aug 2th due to tax receipts.)

Random notes on Apple and AOL:

1. I completely agree with Karen Finerman regarding her opinion on Apple's cash position.

2. AOL put their Pictela biz front and center before they report tomorrow. Could this be Armstrong's way of saying AOL is a technology company again? On top of a content company. (And I noticed has a large noticeable ad which leads me to think its from Pictela.)

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