The U.S. markets opened with a gap up following President Elect Obama's comments on Meet the Press regarding big stimulus to get the economy moving again. They got a second boost midday on the news of a bailout for the auto makers. A steep 1.4% drop in the $USD sparked buying interest in commodities . Oil rose 8% to $44.05 per barrel. In the end, the S&P 500 rose 3.8% on volume that was modestly above average. The index has posted a gain in nine of the last 10 sessions and is up 22.8% from its multi-year low reached on Nov. 21. Watch for resistance at the 50 DMA (930) and the round number 950.
2 comments:
Two inverted C&H patterns today were DIA (the DOW) and FSLR. I was stopped out of DIA before reaching 100% (late in the day following big retracement up), but FSLR cleanly hit 100% and eventually went for more (without me).
Jamie - did you participate in either of these?
Congrats Jim,
FSLR was the #1 stock on my WL for weakness. Unfortunately, I missed the inverted C&H. I did get a short in the Nasdaq futures, but they held the ORL as support. Most of my trading was on the long side - X and AGU.
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