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Markets Trudge Higher in an Abbreviated Week

|Includes: FCX, GMCR, GS, QCOM, Transocean Ltd. (RIG)

Solid WINNER$ this week, we took advantage!  But you can only KNOW these by signing up!  ONE trade pays for multiple years!

# September 10, 2010
# 07:31 | Bagger Vance RIG ($59.00) Sold to Close RIG 101610 55 C Oct 55 calls, at $5.25 +85%
# September 09, 2010
# 06:49 | Bagger Vance GMCR ($34.90) Sold to Close GMCR 101610 33 C Oct 33 calls, at $2.95 +111%
# 06:47 | Bagger Vance FCX ($79.30) Sold to Close FCX 091810 70 C Oct 80 calls, at $3.50 +133%
# 06:44 | Bagger Vance QCOM ($41.00) Sold to Close QCOM 091810 40 C Sep 40 calls, at $1.23 +50%
# 06:43 | Bagger Vance GS ($150.25) Sold to Close GS 091810 145 C Sep 145 calls, at $6.00 +82%

A short trading week as Monday was closed for the Labor Day holiday.  Not much there to shake the markets up though, the weekly range was as tight as it's been since early April.  The market is showing some overbought signals here and could be vulnerable to a bit of a shakeout, so we have to be on guard for this.  However, we embark on a big expiration week and much in the way of earnings and economic data.  We've found that expiration weeks 'usually' move in the direction of the previous trend, so 'should' be higher.  Remember, an overbought market is not a reason to be bearish or sell...overbought could stay overbought for longer than you realize.  Financials had a pretty decent move this week as did oil and services.  We posted some gains in both this week.  Breadth figures are strong and the fear level has declined, but we are on watch for a complacent market. 

Looking ahead, the SPX has been trying breakthrough some resistance at 1112.  There are multiple layers that may put a lid ahead of it and barring any 'news' we may see some stalling.  Significant levels are at 1120 and 1130, while good support is in tact at 1084, 1077 and then 1065.

Have a great weekend!  Remembering those who had fallen in 9/11.  Don't forget to sign up on the link above.