Whipsaw Wednesday – The Rally Resumes

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Dave Fry's Russell chart does a nice job of illustrating the range we are in and it's pretty much in-line with our Big Chart support level for the RUT, right on the 940 line as the current floor and, as we discussed last week – 950 is the significant cross we are waiting for to finally signal that it's time to flip to our next set of levels, where 950 is the -5% line on the way to our +10% goal at 1,000

As I noted last Friday, we're camping into the end of the Quarter so we're not expecting a huge move until the end of the month (gotta save something for the rest of the year) but it's also not very likely that "THEY" let the market fall before "THEY" get a chance to print up brochures to show you what a fantastic quarter "THEY" had so "THEY" can convince you to put your money into the casino (so they can get theirs out!). 

I should mention that we're done shorting oil as I mentioned on Friday that we liked USO short and SCO long – both good for 3% moves on the ETFs (and a lot more than that on the options, of course).  It's a new contract now and we actually liked the Futures (/CL) long off the $92.50 line into inventory this morning (10:30) and I'd love to see a spike up to $95 that we could short into again (as the Fundamentals on oil are still unfavorable) but I'm not even sure they can break $94 without at least a 2Mb draw this morning – we'll have to call an audible in Member Chat on that one. 

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