I believe it is only short covering and decorating the porfolio for the end of the Q. We should see SPY at 130 soon (not today !!) again.
Great!! I am a day trader, so I am having a great day today...MAKO doing great!!! Have been watching it for a week now. Traded also QCOR and BPI and IPGP. Waiting now on RUE, RADS..and maybe TMH and CEVA... We'll see. Do you day trade?
Market should go down today and here is why: It started with mildly down and then after the factory report at 10, it became positive just a little and then it retreated. Now I believe that S&P should be down about 0.5% today.
Market is rangebounded. It neither goes up or down. Nothing wrong with that. It can stay like this for 2 weeks. I bet market will be 2% lower by the end of this week.
I guess we will see if the 50 day line acts as support this time. Some stocks have been acting strong you have to admit. ILMN finally did it. I had been watching that one for weeks now. Finally the volume came in and it broke out. I have RUE, which I am swinging. I got in a little early but so far is holding ok. Some important numbers this week, so we will see if the mkt can hold.
ADI might close very GREEN today. Dropped early today in extreme low volume. If buying pressure comes , it might even hit $40 today.
Buying more ADI at 39.46 and hedging it with shorting SPY at 133.92 (equal dollar amount) Time 12:32 ET 7/6/2011