Monday, August 02, 2010 -Mid day observation
The bulls are once again starting a new month very strong. Major gaps exist within the DIA, SPY, and Q’s from last Friday's close. If bulls run the market this afternoon watch out as a squeeze will require the bears to cover. The bulls won the first 1 ½ of trading today while the bears won the next 1 ½, but marginally. The bears are trying to pull the market lower as I write, but bulls are pushing back. I feel the market is going to rally at 1:30 PM. I am playing MSFT which has some good support at $25.94 and resistance at $26.29 for today. It should break out and test last week’s high of $26.40 and test a new weekly high for this week.
Technical Analysis
Swing trading based on eastern and western studies.
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