Contributor Since 2010
Today the market reacted to a bit of news that no one saw coming. This morning a huge bailout package for the EU was announced, totaling almost 1 Trillion dollars. The S&P [SPY] gapped up the crucial 1150 point at the market open, and stayed there throughout the day. The market stomached this important support point. Although this last down segment was very short time-wise, it had intense pressure [very high volume]. The up segment has started. I entered long positions today, and my minimum price target for the S&P is 1215. There will be major resistance at this point. If it breaks through 1215, the next point will probably be around 1250. I bought UPRO, the 3x S&P ETF today, and one other position. Life Partner Holdings Inc. matches sellers and buyers of life insurance policies. It has consistent earnings, profit, and cash flow growth for 5 straight years, no debt, and it is a good value historically. My minimum price target is around 24. For now, I'm going to watch the ride up, and keep my stops close.
Disclosure: Long UPRO, LPHI