Thursday, March 19, 2009

Support? Go SUNY Binghamton

Financial stocks finally moved down today and closed right at support. I mentioned yesterday that 8.66 could be an area to bounce. Well the market was able to close right at this level. It dipped below it as well. Although XLF could've been saved by the bell today, since the close was the only thing that stopped the downfall.
Keep an eye on the 8.66 level tomorrow. (we are below it in After Hours)



The market is very overbought right now. But when a sell off begins where will it stop? There are 3 support levels that could provide a bounce. The first green line is weak and but the last two support levels could provide a bounce for the market.

Tomorrow is OPEX, so there will be trickery. I am all cash and will be watching the NCAA Tournament and the market. I am looking to short around SPX 800-805 on a daily level and will look to cover at 750. Then take it from there.
G0 Binghamton Represent the SUNY system!