Caution On The Long Side Is Advised
May 14, 2010 at 16:17 PM EDT
Resistance and overhead supply levels are still in play. “On The 3rd To 4th Day Watch for a Reversal” Today is Day 4 and the indexes are struggling. The big question is do they sit here and work off the overbought condition of the full stohcastics and reset themselves then another move higher to that 1180 (SPX) mark and the red lines in the other two indexes or is this it. We’ll soon find out. In the meantime, one could say we are in the zone though and it’s at these levels we will nibble today on a few issues on the short side. Even AAPL came up to its uptrendline from underneath, kissed it and has started to pullback today. That’s…