Friday, October 8, 2010

Next Round of Buyers Come in over S&P 1164

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Just as the market stalled intraday at S&P 1150 for 7 of 11 sessions, the past 3 days we've been stuck in the 1162-1163 level like clockwork:

Tuesday: 1162.76
Wednesday: 1162.33
Thursday: 1163.87



The pattern in this market is to reach a level - base there, hold it - and then jump and rally over.  Most of the jumps have been happening in premarket rather than during the market hours so we'll see if it requires the Monday morning mark up to get over S&P 1164, but if it comes today expect a rash of buyers to show up once we clear.   I guess S&P 1170 is very much in play after all, it just was not in a straight line.

Buying every dip in non stop fashion, remains an unbeatable strategy.  I admit I am in awe.... 125 straight S&P points without a break just does not seem natural.

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