SPX Breakout

Wednesday, January 24, 2007 | 05:46 PM

The S&P500 broke out today out of a two month consolidation, clearing recent resistance. meanwhile, the Nasdaq and the Russell 2000 continue to lag.

Spx_breakout


Of course, these things always seem to happen when I am in meetings all day . . .


>

UPDATE: Janaury 25, 2007, 12:35 pm

Markets are getting pounded today, and it looks like we could give back all of yesterday's gains and then some. Yesterday is looking like a Bull Trap.

I think that King nailed this one (read his comments below here). Yesterday was a mechanical market action, purposefully driven by futures buyers to trigger short stop losses and muscle the market higher.

Without that mechanixal trade, there was not a whole lot of buying interest to be found...

Wednesday, January 24, 2007 | 05:46 PM | Permalink | Comments (20) | TrackBack (0)
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Comments

The question is whether this pushed the bullish sentiment to extreme levels

See Monday's RR&A Sentiment commentary here
http://bigpicture.typepad.com/comments/2007/01/bullish_sentime.html

Posted by: Barry Ritholtz | Jan 24, 2007 5:54:05 PM

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