Gap at S&P 1090 Almost Filled

By Trader Mark
08 September 2010 @ 08:23 am EDT

Yesterday the S&P 500 sold off to 1091.15, coming within 1 point of 'filling the gap' creating by the euphoria of the substandard jobs report Friday.  Of course with almost every bear running for cover after being beaten over the head as the market rallied on good news, average news, or bad news last Wed-Fri, very few were able to profit from it.  In the overnight session the S&P 500 dipped well below 1090 but the 'urgent buyer' who frequently made visits in the 6 AM to 9 AM hour from March 2009 forward, showed his head again this morning and almost the minute Joe, Becky, and Carl showed up on CNBC the futures started popping.  I'd like to see this gap filled, and worst case scenario see the 50 day simple moving average hold (this is S&P 1080) as that has been the pivot point for much of the past few months.

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