Market Staged A Nice Jobs Rally - Still Below Major Resistance. Look for Quiet Trading
Yesterday, the market broke out of its tight trading range, but it still has not been able to rise above major resistance at SPY 137. Good economic releases provided a catalyst and that momentum is pushing stocks a little higher today. Credit concerns in Europe have subsided. In two weeks, the ECB will provide another massive liquidity injection ($500 billion) and banks will be able to pledge sovereign debt to secure three year loans. For now, the market is content with the maneuver and it is ignoring long-term structural problems. Greek bailouts have not been secured, but the market is not …
February 17, 2012
• Posted in: Options
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