The S&P 500 Index gave back most of its lead by the close, finishing with a gain of 2.5 points, closed at 1185.62. Stocks shot higher right out of the gate this morning, However, investors' initial optimism somewhat deflated in afternoon trading.
Market keep trying to test resistance 1200, we are entering the end of month which is usually bullish. If you are still holding your stock, there is no reason to sell it until November or the market tell you to do so. However, a tight stop to protect your profit is necessary.
Traders recent trading strategy is buy low and sell high, buy high and sell higher. That mean they will buy this market no matter what happen. I look at this as a chronic buying panic situation. A real big storm is coming soon. After the November, 3 Fed's meeting and the midterm election, and if dollar find a footing and rebound. Watch out the bears! Anyway if market can resist the gravity on bullish months November and December, in my opinion, I think it will find some excuse and catalyst to sell off on January.
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