Monday, November 16, 2009

New Highs for the S&P 500; Dollar Crushed - Groundhog Day

A complete repeat of action last Monday; dollar crushed - equities surge.  We all win here.  I will be expanding the long side via the typical index plays while shaking my head at the IQ 5 market.

EDIT 9:55 AM - yet another "double top breakout"... same action we've seen numerous times this year and banked a lot of coin on.  Until it stops working, traders will keep doing it.

I hate to use the word "resistance" anymore since all resistance has been futile so maybe we'll use "resting point" from now on.  I'll start looking at the next "resting point" for the S&P 500, first glance says 1110 and then above that 1140.

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