Day Traders, Penny Stocks, Stock Options, Futures and Forex

Well, today the S&P closed above a major resistance of 1000 for the first time since November 2008.

I have thought that if there were to be a pullback it would occur from somewhere near the 1000 mark on the s&p or the 9500-9600 range on the Dow, so we still have some watching to do.

Would I recommend a short of the market from this point, probably not, with the additional 2 billion being passed for Cash for Clunkers. But a correction has to be in the near future somewhere. No technical trader can predict what is going to occur, even some major economic factors produce an opposite effect on the market.

All I know is that it is good to see a close above this major stepping stone if 1000 on the S&P and hopefully the economy is 6 months behind the markets, just like it is suppose to be.

Good Luck to Everyone and happy trading!!!!

im shorting this one

good call heading down

Looking at the 30 day chart the market is definitely starting to turn over. I am looking at support to be around the 38.2% retrace mark and a break of that could see a real break down and pullback of the rally.

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