Monday, March 15, 2010

State of the Market - 3/15/10

A pretty slow day today on Wall Street, but a bullish one nonetheless, as stocks once again fought back from some early selling and closed the day basically flat. Volume looks like it was much lower and in general today had the feel of a consolidation/rest day, which is good.

Technically, not much to say that I didn't say in this weekend's video. I'll be watching 2325 and 1125 on the Nasdaq and S&P respectively as potential support levels in case we pullback a bit further. I am not guaranteeing that we will, but it wouldn't hurt to get a few more days like today. The overbought condition is slowly wearing off and a few more days of rest would allow it to work itself completely off and then the market can take another move upward. At least that's the idea.

I made no trades today, partially because I didn't feel comfortable chasing a whole lot here but also because once again, I had problems with my Scottrade account. Their streaming quotes would not load at all this morning and after a few minutes of trying, I gave up and figured it was a sign I shouldn't make any moves. This is becoming a bit old to be honest - last Monday they had a major server issue which cost thousands of traders thousands of dollars, and then to come out today and have another issue is unacceptable. Perhaps it was just me having the problem.

There were some movers today from this weekend's videos like RINO, which was up almost 8%, but for the most part, the stocks from this weekend's video rested much like the market. I have my eyes on a few and am willing to enter over the next few days. One stock I will watch tomorrow morning is CFSG - the chart is nice and it is in a low-risk area of support, but earnings come out tomorrow before the open and there is no way I am taking a position in front of that. After earnings? - we'll see. Keep your eye on it however.

Not much new to say today - good day overall for the bulls in that they continue to give very little back even after moving so far. A few more days like today would be tremendous in the long run and that's what I am hoping we see. Take care and good luck Tuesday.

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