Wednesday, May 12, 2010

Looks Familiar

Maybe it was just a bad dream but I thought overnight futures were in the high S&P 1140s. Thankfully we have premarket.

The S&P 500 is essentially exactly where it was yesterday at this time... yesterday there was a quick burst over S&P 1165 to 1170 and one thought "here we go again" as the 'V' shape bounce was on. Then a (now rare) intraday reversal occurred. But here we are again... the 50 day moving average is now near 1167 and the 20 day has moved down from 1175 to 1173. So the spring is getting wound more tightly and it won't take much to have the index close above where it "needs" to be to get back to business as usual.

With all risk taken away by the Bernanke Forcefield it only seems a matter of time?


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