Friday, April 5, 2013

Market Close

The SPX managed to rally back off the lows to only end up down less than 7 points. The SPX bounced exactly off or initial target of 1540, which was a good place to take profits on shorts.  And if you wanted to take another short at higher prices near the close you are in a much better position than if you had held.  Otherwise I drew a channel (see the black lines) for next week I still favor some kind of lower high to be in place and then another pullback - but as we know with this QE driving market, anything is possible.

take care and we'll have have two comprehensive newsletters for the weekend!

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