Tuesday, December 7, 2010

Morning Madness

To infinity and beyond....

Is the only thing the market is saying right now.  Futures are up ~1% on news that the Bush tax cuts will be extended for the next two years.  Bulls have been trying to claim the 1227 price level and it looks like we could now gap above it.  A gap above strong resistance carries a bit more strength with it than a normal gap.  If we do gap above resistance I will not try to fade the gap unless we go back below 1227.

No economic reports today so what you see is what you get.  Market didn't have much of a correction has dip buying was very strong yesterday.  We should see that mentality continue unless the bears get something in their favor.

Close below 1227 is a +1 for the bears.

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