Surprising Strength

You have to respect the price action in U.S. equities.  The S&P500 closed above its 100-day moving average and the key fibonacci level of 1358.

No QE today and stocks trading up after missing earnings?  What gives?

Just doesn’t seem there are enough real sellers around to feed the bears and traders getting short.  Imagine the stampede if they turn.

The caveat, however, is wisdom from our old boss:  “I don’t like getting long when the fundamentals aren’t there because the bottom can fall out.”   Place your bets, comrades!

(click here if chart is not observable)

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One Response to Surprising Strength

  1. jpmorgan111 says:

    ‘When the fundamentals aren’t there’…could there be a more vague or empty assertion?

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