Wednesday, October 04, 2006
Pushing Ahead
The Markets were up again today.
The Dow finally broke through resistance, closing at all-time high. The Dow closed the session at 11,727.34, eclipsing its prior high of 11,722. The SPX gained 2.79 points to 1,334.11. The RUT finished down 0.46 at 718.35.
If the Dow stays above the resistance (and the resistance level becomes the new support) then this could force all the indexes up. A lot of this upward movement has happened as a result of oil prices going lower.
Our RUT play is ok and looking good. My concern now is our SPX play. There is still an awful long way to go before it hits our short position but these moves do happen. My review point on the SPX play is 1345. If and when it hits that point we will see where we are, see how much time is left in the play and decide what to do next. Just all make sure you have your stop loss orders on.
Until next time.
The Dow finally broke through resistance, closing at all-time high. The Dow closed the session at 11,727.34, eclipsing its prior high of 11,722. The SPX gained 2.79 points to 1,334.11. The RUT finished down 0.46 at 718.35.
If the Dow stays above the resistance (and the resistance level becomes the new support) then this could force all the indexes up. A lot of this upward movement has happened as a result of oil prices going lower.
Our RUT play is ok and looking good. My concern now is our SPX play. There is still an awful long way to go before it hits our short position but these moves do happen. My review point on the SPX play is 1345. If and when it hits that point we will see where we are, see how much time is left in the play and decide what to do next. Just all make sure you have your stop loss orders on.
Until next time.
# posted by Paul @ 6:14 AM 
