Friday, July 24, 2009

A market on roids

Another day of a ripping up market.  It could have been worse for me but stops are important.  I was out of my shorts at 962.  Saved my ass.
The bulls have complete control of this market, going net short is not the smart play at this point.  I still think the move up in completely irrational but that market will do what it wants.
The only real resistance right now is around 991-1000.  This is the monthly 200EMA and the highs from October 08.  
Here is the 991-1000 resistance on other time frames.
Weekly:
Monthly:

Yesterdays move was on decent volume and positive market breadth. More importantly it looks like up-volume may be turning up
Other indicators are showing signs the market still has room to run up.
One bright side was LCC which I mentioned  on Wedendsay:
 I am looking for a target of $3.00 and my out is still 1.96