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Joined Apr 1, 2010
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Morning Staring Contest


Some nice gaps higher this morning in many issues and sectors continue to punish stubborn shorts.

I am flat here, selling the balance of my longs into the bell last Friday.

Currently, I am staring at these sharp, multi-day rallies now running into potential resistance, namely the small caps in the Russell, seen on the daily chart below. If we see the buyers lose steam just above, at the 50-day moving average and upper Bollinger Band, I would consider shorting again.

Elsewhere and of note, gold is giving it up this morning, with the GLD ETF back under $122.50 major support. The close today and this week is going to be very significant along that line.



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