Monday, November 2, 2009
Futures are fading
CIT bankruptcy news was probably known by the big boys on Friday and they sold ahead of the news, and were covering in pre market. What was shaping up to be a big gap up has withered away in the past couple of hours as the US markets get ready to open. I still believe we will see lower prices than on Friday, but don't forsee a trend day at the moment, but I am not ruling it out. We may drop down initially to fill the gap and perhaps test the 1028 SPX area. That should be strong support and I don't think we can get through it on the first test. I will be waiting to buy in that zone.
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1 comment:
What's the game plan dawg.
I just see that we shot up.
I'm getting antsy. I think I want to sell all of my shit and stay on the sidelines.
I feel like one wrong step and we crash to 1000 or below.
But at the same time, Fed meets this week and there is a ton of economic data coming out.
So far, it's sort of evident that profits are up however there is no consumer demand.
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