I will try and keep this post short dear readers as I have places to go and things to do. If the market finds it hard to go up on good news, then the good news (read earnings) is pretty much already priced in, and its probably time for a pullback. Considering the nature of the economic indicators and earnings reports, if a pullback does occur, it will not be severe and should be a good buying opportunity.
The financials, one of the leaders of this rally, look tired and GS keeps on getting hit by bad news. Can we continue to go up without GS.
150 is the next support level for GS and how it behaves at this level tomorrow might be important for the overall direction of the markets tomorrow. So, keep an eye on 150 level for Goldman.
Personally speaking, I entered PAL at 5.03, PNX at 3.63 and GLW at 20.90. All positions even smaller than the ones I entered last week. Seeing the weakness in the markets, I also entered some VXX close to the end of the day.
Take care and good luck tomorrow!
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