Today’s run of the mill action didn’t excite many obviously because of low volume. What is everybody waiting for? Oh that’s right, Greece is going to get a bailout and everyone will go home happy. In your dreams! Tomorrow can go higher or lower – it doesn’t really matter. If the 500 jacks up to ~1370 it is game over and you can sell your longs and put your shorts in the que for processing.
If the markets decide to go lower because of the Greece default being put off or the employment wasn’t what everyone expected, so be it as a market correction is still in the cards. Now really is the time to decide if your greed meter has gone high enough for you to convert to cash. Pierpont Morgan said, “I made a fortune of getting out too soon”
The SP500. The red resistance line is probably where the markets will rise to, but not beyond, see earlier post. (1376 for the 500 and 13008 / 13050 for the DOW)
The DOW at the close.
The Indexes at the close.
Gold is at 1700, Brent at 125 and WTI oil at 106. Last post of the day, see everyone tomorrow.
Written by Gary