The key resistance areas of 1380 then 1400 SP, 2400 Naz, not breached. Double top. Looks like the end of a bear market bull rally. Also the news will sink in this weekend imo and there is a good chance people wake up Monday and want to sell. Still just in case I only added a small amount as anything more would be gambling. We'll see on Monday if I am right. I was not able to follow the market so I did not add at 75 but a little above 76.
http://www.minyanville.com/articles/S-fibonacci-technical-P500-bear-trendline/index/a/16574/from/yahoo
The DUG almost hit my stop but not quite. That's why I placed it far enough below 35. Still... the energy rally may have quite a bit of legs to it. I will trim the position I have and maybe sell all if the rally continues Monday.
http://biz.yahoo.com/ap/080404/oil_prices.html
Other news the Ag stocks are too hot for too long and I missed getting in earlier. Ag is and medical are the only sectors I want to go long here. I will look at Ag and get back into CMED on pullbacks. It has found resistance at 45. A drop will create a nice re-entry next week.
This blog is for informational purposes only. It does not give investment advice.
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