This StockTiger.com commentary video shows several candidates for break out or short sales for at least short term gains by buying the break (or selling the break down) on good volume and closing at least some on the first day.
Today we look at many charts to see if the bulls managed to take us into bull market territory. While it still remains a little uncertain, the VIX held up nicely considering a big rally, and the financials fell from the open consider the fact that today was their day to shine due to M2M approval, led down by WFC/C. We look today at the Dow Industrials, $SPX, SPY, GLD, VIX, WFC, FAZ and SRS. We believe all charts have a common theme, and that we're on the breakpoint of bullishness in the market but it is a little too obvious and that the big market makers might try to push this market down just once more before we can truly break out. Our longer term view is bullish, but our very short term view (unless we break out tomorrow and stay above S&P channel resistance) is bearish. We took a loss today at the beginning of the day but managed to cut it in half as we took a short mid day at 84.20+ using SDS and SPY puts only to cover them at a 38.2% retracement of today's move (where support was found). You're welcome to email Idan at idan.koren@duke.edu or check www.stocktock.com for any further questions.