Market Searching For A Catalyst. Earings After the Close Thurs Will Determine Direction
Yesterday, stocks tried to break out above resistance at SPY 130. Positive economic releases out of China (GDP, IP and retail sales) sparked a 4% rally in Shanghai. The Euro credit rating review by S&P last Friday was also in line and a relief rally unfolded early in the day. This is the type of news that could have resulted in a major breakout. However, stocks slipped throughout the day Tuesday and they briefly fell into negative territory. This morning, stocks attempted another breakout and resistance held. Goldman Sachs reported better than expected earnings, but revenues were light. This has been …
January 18, 2012
• Posted in: Options
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