{+++}For the day the SPX/DOW were -0.15%, and the NDX/NAZ were -0.15%. Bonds gained 12 ticks, Crude slid 85 cents, Gold added $3, and the USD was lower. Short term support is at the 1841 and 1828 levels, with resistance at SPX 1851 and now SPX 1859.
The market opened slightly higher today, then resumed yesterday’s afternoon selling. Because of this failure to break through 1851 on closing basis, some are thinking the market is tired and ready for pullback.. This is not necessarily true because sometimes the market corrects over time and not price. Meaning this could just be a healthy sideways consolidation before we go higher again.
Regardless of where the major indices go, there is still some great acton in individual stocks and it truly is a stock pickers market.
I sold all but a 1/4 position in FSLR today for a nice gain. I left 1/4 position on, even though earnings were tonight. The stock missed, so its down in after market. If you are still holding that last small piece I would not sell at the open. If you need some advice give me an email. All in, it was still a great trade.
On another note SALE acted very well today and broke out. Also IDRA looks ready to rip.
See you in the morning.