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MARKET WRAP UP 12/20/10
Although the broad indices had the feel of a flat day, with the S&P 500 finishing up 0.25% to 1247, the 1250 level was hit intraday. Beyond being a psychologically significant price, 1250 marks a fairly precise measured move target from the upside breach of the inverted head and shoulders bottoming formation we saw this summer. One of the best traders outside of the iBankCoin franchise, @OptionRadar, deserves kudos for openly discussing this year-end price target for quite some time.
Beyond the actual target itself, on November 14th inside 12631 I discussed my logic behind the 1250 number. For the purposes of this post, only the first 2:40 of the video is relevant, as the individual stock ideas are now dated.
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[youtube:http://www.youtube.com/watch?v=MTwmXx7PPuc 450 300]r____________
Apart from the S&P, there was some impressive underlying action today in the market. While many seem to be writing off the rest of 2010 as a wash, I remain convinced that trading the actual price action is the best way to go. With the type of moves we saw in some of the risk assets today, the bulls may not be done charging into 2011.
I LOVE that flick! The Craig T Nelson speech before the Walnut Heights game is a total classic.
Classic movie
They filmed a ton of this movie where I grew up, in an around Johnstown, PA. I have frequented many of the sites, the Tick Tock Diner, the many beautiful streets of Conemaugh and the played on the field at Forest Hills, where the football “game”, was played. The house that Nelson lived in was owned by a friend of my fathers. The area is as depressing as shown and more from that many years ago. 6-2-sackmonster.
Sold all my REXX +10% (my thanks to The Fly).