Up, Up, and Away

 

We gapped up this morning on more Greek "news", then fell over $1.80 on the SPY, before embarking on a breathtaking ramp, that took us back over $126 on the SPY.  This rally continues to defy conventional wisdom.  There is still turmoil in Europe.  Greece might not remain in the Eurozone.  But at this stage, what this market is telling you, is that there is no where else to put your money.  The FED is forcing everyone into risky assets and thus far it seems to be working.

 

Currently there is a good chance we see $128.50 on SPY to fill the gap.  Until the markets come to their senses the bulls really have this market by the horns.  Most importantly tomorrow we have the jobs report.  A great figure could further embolden the bulls, while a bad one could give the bears a reason to get back into this "market"

 

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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