Monday, August 2, 2010

8/2/2010 Just Stay Long

Good Evening Traders,

Something is wrong with my Ninja Trader and it won't display my charts. Zen fire had some kind of screw up last night and my platform hasn't worked well since. I have been busy with my day job and unable to focus much attention on the matter. My job is scheduled to last for 12 weeks and this is only the second. I wish I had more time to make a longer post tonight but I don't. And my charts are screwed.

Basically, just stay long, or take longs only. I was looking for 1128.00, The June high, and it looks like we might get that test tomorrow. Don't expect it to break through easily. Although most indicators are pointing higher this is going to be a closely watched price point for many traders and I wouldn't be surprised to see big market participants try to fade these levels. A close above 1131.23 on the $SPX would be a monumental success for the buyers in my opinion.

Thanks for tuning in and sorry for the brevity, hopefully I'll be back in force tomorrow


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