Today, the Market appears set to open virtually unchanged from yesterday’s Close. We expect another day of tight consolidation before the Market makes a significant move. The levels we are watching in the SPY are 109-109.10 (sup) and 110-110.50 (res). Our best AM Idea for today, which we highlighted in our AM Meeting is to buy RIMM close to 61.40. … Read More
SMB Setup for the Close for December 8, 2009
Today, the Market has been range bound for much of the day. Into the Close we are looking at 109.90 for resistance and 109.55 for support. Above 109.90 we could see a move up to 110.30-110.50. Holding below SPY 109.50, we could see a move down to 109. Our best idea into the Close is to watch KR around 20.00. … Read More
SMB Morning Rundown for December 8, 2009
Today, the Market appears set to open lower led by weakness in the financials and commodity names. We expect the Market to trade mainly in a range today between 109 (sup) and 110.50 (res). We are also watching the 111.40 level in GLD. Below 111.40 we could see further downside in Gold today. Our best AM Idea for today, which … Read More
SMB Morning Rundown for December 7, 2009
Today, the Market appears set to open virtually unchanged. On the Open, if the Market starts holding above SPY 111.40, we could see a move up to Friday’s highs (112.40). If we hold below 110.80, look for a move down to Friday’s lows (110). We are also looking for further weakness in Gold today. Our best AM Idea for today, … Read More
SMB Setup for the Close for December 4, 2009
Today, the Market rallied on the Open and failed right above yesterday’s highs. SPY sold off hard mid-day when the market got below 111.50. The market found support around the 110 support level and rallied back up to 111. Into the Close we are watching SPY 111 and 111.50 for res and 110.45 and 110 for support. Don’t forget to … Read More
SMB Morning Rundown for December 4, 2009
Today, the Market appears set to open higher as news that nonfarm payrolls fell by just 11,000 compared to the 125,000 consensus number. The levels we are watching in the SPY are 111.40 for sup and 112.30 for res. Below 111.40, the next support level is SPY 111-111.20. Above 112.30, we could see a move up to 112.60-113. Our best … Read More
SMB Setup for the Close for December 3, 2009
Today, the Market rallied on the Open and failed right above yesterday’s highs. SPY bounced off yesterday’s 111 support level and has been in a tight range for much of the day. The levels we are watching in the Close are SPY 111.60 for resistance and 111 for support. Below 111 we could see a move down to 110.50 and … Read More
SMB Morning Rundown for December 3, 2009
Today, the Market appears set to open higher as news last night that BAC plans to repay its TARP money has helped lift financials higher. Pre-Mkt the SPY failed at yesterday’s 112 resistance level. Today, we are watching 112 for resistance and 111.10 for support. Above 112 we could see a move up to 113. Below 111 we could see … Read More