The huge gap higher that the broad market saw this morning has been faded as the session has progressed. It is far from a nasty, outright bearish reversal, but it is enough to punish those eager traders who missed the action over the long weekend and felt compelled to chase stocks higher at the opening bell. In particular, the S&P 500 was rejected at the prior 52-week high level of 1344, indicating there is still some memory serving as overhead supply up there. Nonetheless, it is a minor victory for the bulls to have held above the 1330-1332 zone.
Frankly, I would have preferred to have seen a flat opening, in order for me to really have gotten involved. While breadth is overall positive, it is not overly impressive. Given the morning fade off of the gap, coupled with a slightly short-term overbought condition, I am inclined to let the dust settle through the lunch hour before making any moves.
Top Ideas: IPGP VECO
nice post, appreciate you guiding us through these volatile markets
cheers
Indeud, Thank you
No sweat.
thx for the updates chess. what are your trigger prices for VECO?
I am looking for a close above $56 today to get in.