The S&P 500 Index settled at a two-year peak, adding 23.1 points at 1121.06 by the close. What's more, today marks the broad-marke finish north of the 1200 level since May 2010.
The Fed’s plan to buy $600 billion in bonds in an effort to drive down interest rates and induce more lending, this let the investors have optimism that the global economy would not worsen and corporate profits would increase. However, the Fed can’t on its own resolve all of the country’s economic troubles. We still have a lot of uncertainty in this market.
Technically, today we reach S&P 1220 eventually, market is extremely overbought, its the time we should think about shorting this market. I still waiting for the big sell off day with high volume combine with bearish candlestick signal. Timing and confirmation is essential to short the current market with such a extreme bullish momentum.
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