stock market

Have You seen the movie Up?

By TheMoneyMaven ⋅ Email This Post Email This Post ⋅ Post a comment

Monday I talked about how the markets wanted to move up and that’s where we should go. Why didn’t I stick with my guns? The indicators indicated more upside but I didn’t listen. We failed to move up significantly after the Goldman Sachs earnings release and instead of seeing yesterday as a consolidation of gains I saw it as bulls becoming too tired. Then the unexpected upside reaction to Intel earnings I figured was a gap into resistance where bears would regain control. My revaluation was definitely wrong. The markets shot out the gates and took no prisoners. We broke through the 20 MA, 50 MA, and a potential 930 resistance level on the S&P 500. Also Morgan Stanley and Bank of America are continuing to the upside to their $30 and $14 respective targets that I outlined on Monday.

So what now. I have no clue. Right now I am going to step back from predicting market behavior until next week. The next couple days is anyone guess as we have shot up significantly in the past 3 days and we are about to see some real key earnings Thursday and Friday. I also said the banks have a nice chance to run higher and this still may be the case. So if you can’t stand the heat, get out the frying pan.

Trade Reviews
My last idea to short anything that moves obviously was wrong. So right now we wait for constructive set ups.

Posted on July 15, 2009
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