Thursday, March 17, 2011

We Had a Rally Today, Dow 25,000 Next Stop Right?!

Today I had to turn off CNBC during trading hours because the message of "Hey you watching, buy stocks now see this're welcome" finally bothered me too much.  Today we opened at the 100 day moving average on the S&P (about 1260) and rallied to (previous support turned) resistance (of 1278) bounced off and closed below resistance.  It was an inevitable retracement back to resistance and get ready for an impulse move lower next week. 


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