Morning Thoughts on October 6, 2010

smbcapitalJoe P's blogLeave a Comment

Good morning traders. Big trend day up yesterday saw us close at rally highs. Typically the first half of the session after a trend day tends to be consolidation as the previous move is digested. Holding above 116.45 SPY should see some follow-through to the upside. I will be watching GS and XLF (which are finally starting to show some leadership) along with the high beta tech stocks as a market tell. If the market pulls in on the open I will be looking to buy around 114.90 SPY

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117.60
116.45
115.80
114.90
114.65

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