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Michael Noonan Edge Trader Plus Michael Noonan is the driving force behind Edge Trader Plus. He has been in the futures business for 30 years, functioning primarily in an individual capacity. He was the research analyst for the largest investment banker in the South, at one time, and he... More
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  • S & P - Rally Potential Still Building. An Entry Point Is Needed. 0 comments
    Jun 3, 2010 8:35 AM

    Thursday  3 June 2010

    While we have wanted to establish a long position, it has been a difficult
    market with daily/intra day rallies followed by declines and declines followed
    by unexpected rallies.  This kind of activity is typical of a  trading range
    environment and not easy to trade.

    Yesterday, there was very light volume, and while price was holding and
    gradually working higher, it was doing so without evidence of demand
    volume, plus, price was still under previous failed rally highs.

    The late surge up showed that however weak demand was, sellers were
    not present, either.  The risk of  trying to "pay up" by chasing the rally is
    not good form.  We are starting to see more evidence of a likely turning
    point that will lead to a rally phase of some duration.

    The more important failed high of 28 May is likely to give way.  All we need
    now is a place to get long.  The reasons keep building.

    Themes: SPY, S P, QQQQ, DOW
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