Tuesday, May 18, 2010

MA(200) - The last hope for the bulls??

After just having a written a post about the more important issues at hand, the stock market state seems trivial but its anything but. Please find below a chart of the S&P showing the support levels. I didn't even bother showing the resistance levels. Looking at the futures right now, it seems like the first level, 1115, will be given up easily tomorrow. Let's see what kind of fight the bulls put up for MA(200). Make no mistake dear readers. This will be an important battle.

Seeing gold bounce off support today, I took a small position in EGO. I like the bullish pattern of the stock but have a tight stop in place.

Take care and good luck!

No comments: