It seems that the market has finally begun to take a direction after trading in a range for about two weeks. Monday started a sharp sell off in SPY, opening at 94 and closing below the key 93 support level. Today we saw SPY briefly trade above 93 but quickly sell off to close the day at 91.66, breaking all … Read More
A Technical Lesson from JToma
News of lower than expected jobless claims resulted in a quick pre-market spike then sell-off in SPY today. However, on the open it rallied and proceeded to break through the 95.50 resistance level (peaking at 96.11) in the early afternoon. As the end of the trading session neared, sentiment reversed and SPY sold off hard into the close, finishing at … Read More
JToma talks Banks, SPY, and GS on CNBC’s Fast Money Halftime Report
News today was focused the repayment of TARP funds by 10 of the big banks. This news has been circulating in the market for quite some time and I believe that it was priced into the financials. The TARP trade for most financials is finished! In the broader market it seems that we are continuing to trade in a range. … Read More