Mid Day Trading Update - Surprise Attack
It seems people are not ready to throw in the towel on this market yet at all. We are looking at an even bigger rally on the S&P well beyond previous all time highs as the SPY is now trading over $163. Basically the entire complex moved higher today, with increased bullish sentiment in the Financials and some of the High Flyer stocks out there like Google (NASDAQ: GOOG). Bears are really getting slaughtered day in and day out here as this rally seems to intensify even as many investors claim we're overextended.
Even as we get into the lunch hours the indexes are holding all of their gains so I imagine us consolidating here until the afternoon session and then putting in a move to possibly $163.50 on the SPY. The Financials are trading very well today and continuing their current run to the heavens. Bank of America (NYSE: BAC) is now well over $13 and the swing we began from Monday is still working very well. Unfortunately, I bailed yesterday and took the money off the table.
Folks, if you aren't already long I wouldn't chase some of this stuff here especially these Financials. Buying inflated premiums now gets dicey up at these levels so if you missed the trade sometimes you have to accept it and move on.
Stay tuned for tonight's update!
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