Today, the Market appears set to open higher. The levels we are watching in the SPY are 121.60 and 122.15 (resistance), 121.40 (inflection) 120.80 and and 119.60 (support). The levels we are watching in the S&P Futures are 1211.00 and 1217.00 (resistance), and 1200.00 and 1193.00 (support).
Our best AM Idea for today, which we highlighted in our AM Meeting is to get short DECK against 81.00.
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One Comment on “SMB Morning Rundown – December 2, 2010”
I agree with your support/resistance levels on SPY and I too am watching those levels. However, I do not understand (or necessarily agree with) your short call for DECK. The stock has had an impressive run thus far (relatively strong when compared to SPY for sure) and is at all time highs. It seems like 81 was pulled from thin air, as I do not see resistance there. I do not look at fundamentals much, but the few indicators I watch are bullish on DECK. Which begs the question, why short such a strong stock at all time highs? Care to shed some light on this call? I am interested in the decision process more than the actual call.