Monday, March 12, 2012

Basically A Non-event

Rather dull action today with a shallow pullback that was bought during lunch time. So after three updays, stocks are finally resting a bit. Not that we're really overbought here, but with most indices sitting near resistance, more consolidation would be ideal to setup for higher prices.

The major indices ended near Friday's close, only Dow Jones had a slight advantage over the other indices.
But today was basically sideways consolidation. Healthy action after last week's up-and-down move.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals and oil got sold today (no harm done though), the euro managed to book a small profit.

Still holding onto BONE, LNKD (sold a small part @92.25) and INSP.
Stops are all raised in the money. Only overnight gaps lower can hurt me at this point.

Articles for tonight:
Nasdaq 3000: 2012 vs 1999
The Theory of the Transitory Bubble

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