Rolled Into Longs For Blowout Friday

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June 4, 2009

At least that is what I think could happen. So I rolled cash into long SPX, long RUT. Mainly because they have lagged the COMPX/NDX lately up to their 50 week MA’s.

Financial ETF’s XLF, UYG, and FAS all look very good on a daily chart. Flag formations. Is there something coming out tomorrow that will effect the financials?

SPX chart shows possibilities. If I’m wrong, tomorrow will be a big down day and today was a fakeout, but to me it seems odd that the “market” would ruin a weeks worth of constructive action where instead it could make a nice overbought condition to sell into for all the big boys and go home for the weekend happy.

I bought JCI, PCX, and GRS today. TELOZ had a nice comeback that chart is back in play again.


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