Tuesday, 21 August 2012

10am update - fractional new high for the sp'500

We have seen the April high taken out on the SP', but so far its only by 0.7pts. Also, other indexes are all trailing this minor break higher in the sp'

Yet, as I been noting for a few weeks now, the primary monthly trend is up.




With Jackson hole next Friday, this remains a lousy time to be short. There just doesn't seem to be much point being involved in this until after the labor day holiday of Sept'3.

*notable stock movers... BBY, FB, and URBN
Next update around 12pm.