TopEquityNews'  Instablog

Send Message
Top Equity News’ goal is to provide investors with up to date news from around the world on stocks, options, forex, ETFs, and futures. In an ever changing global economy it is vital for all investors to have access to every available news source. In our Options Update articles, twice weekly we... More
  • TEN Exclusive: Options Update – 7/7/10 0 comments
    Jul 8, 2010 12:12 PM | about stocks: ISCA, PSMT

     The oversold signals that have been popping up finally became too strong for traders to ignore and stocks were being bought while they were still “cheap” today.  What’s changed?  Nothing at all.  That’s what we have top be careful of.

    The chart of the Standard & Poor’s 500 Index is clearly in a downtrend. It broke through critical support at 1040 last week but managed to finally break back above and closed above that level today.  If this rally gains traction tomorrow we wouldn’t be surprised to see a test of resistance way back up around 1090 this week.  However if tomorrow brings us bad economic news, we could very well see 1020 again this week.  We have to remain cautious.

    Keep in mind that all trades should be viewed in extremely short timeframes until we get through this choppy and dangerous period.  Keep your eye on 1020 and 1080 on the SPX.  A break above should be a green light to step-up our buying.  Also watch the VIX which is giving the green light to add long positions, albeit for the very short-term.


    Weekly Economic Calendar:



    New Trade Idea:

     To continue reading:

    Disclosure: No positions
    Stocks: ISCA, PSMT
Back To TopEquityNews' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments

Most Commented
  1. My Favorite Small Cap ( Comments)
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.