Thursday, March 10, 2011

The 1294 Dance

The SP500 keeps brushing against 1294 and bouncing.  If anyone has $500M worth of SPY and wants to see some fireworks please do a market sell order here. ;)

The NASDAQ is certainly going to close below its 50 day moving average and barring that crazy guy in Libya "retiring" in the next 30 minutes it looks like markets will close near or at the lows of the day.  Actually it is a bit ironic the market is being hit on a day oil has fallen considering oil has been the main worry the past few weeks.

Larger picture a market that closes on its lows should not have a premarket surge the next morning, but in this market we have seen that happen a few times the past 2 years.  If there is a weak open tomorrow that would be far more normal and again a change in character.  It does appear everyone is staring at 1294 today so we will see if a kettle of water can boil when everyone is mesmerized by it.

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