Originally Posted by
Slurry Pumper
The bears have had all the chances in the world to push down price over the last few days and couldn't do the deal, but di kind of revisited the $370ish area before bouncing back in the other direction. The SPY is making a bullish flag pattern right under the $380 spot while SMH is are right at a breakout area as well as the hourly chart will show. All in all, it looks like the markets are going to shake off those crappy bank earnings at least going into the weekend so maybe another run to $390 which is the top of this range for the SPY before another pullback is in the cards. Today, I'll be looking for the IWM to catch up to the other indices as it has been lagging slightly. All of these are just day trades started yesterday of course when the low end of the previously mentioned range was almost met, and by the end of the day, I'll be getting out of these things, well mostly anyway. Gotta keep a little bit in reserve for some post weekend bullishness if that happens. That's the plan anyway, we'll wait until the market opens up and see if the floater Friday holds today.