Thursday, July 8, 2010

A bullish day indeed

A bullish day indeed. The market consolidated pretty well the entire day before moving strongly upwards close to the end of the day. The S&P broke through the 1060 level I had marked as important yesterday, settling just above the important 1070 mark. Volume again remained low today. 

So far, so good for the bulls. But all this you readers already know. The question is what lies ahead. As someone who is long here, what I would like to see is some period of consolidation here. Another day like today and I will be selling my long positions into strength. I see a lot of tough resistance including the MA(50) coming ahead for the bulls and if they are to overcome it, they would probably have to take a breather here and recharge themselves.

Personally speaking, I got into NR and DOLE today at 7.09 and 10.98 today. DOLE looks particularly interesting if it crosses the 11 mark. I sold the remaining half of my GMXR position at 7.24, for an overall profit just south of 10%. I managed to sell this at the top (doesn't happen very often to me!) by selling into the resistance.

So, that's it from me for today dear readers. The bottom line is I will look for lightening up my long positions in case we have another big move up tomorrow. Take care and good luck!

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