The SPY finished today at 131.97, just above sma50 at 131.92. That's too close for comfort for me. After this week's move from the 126 range to almost 132, I can't help but wonder if we've run too far, too fast.. and the timing bothers me: end of the quarter, end of QE, Greece calms, and a great desire for funds to window dress to finish out the month. Maybe I'm just being pessimistic - I'll just call it cautious.
As you know, I spend a lot of time looking at the IBD50 list and other compilations of 'top rate' stocks and from I can tell, most of them are overbought or past attractive entries (measurable upside compared to risk to the downside). What all of this means is that I would love to see some consolidation for a little while.. hell, all next week would be great. We'll see.
For now, let's focus on what we do know - by lunch tomorrow, we will have a lot of data to absorb:
- Michigan Consumer Sentiment Index
- Michigan Inflation Expectations
- ISM Manufacturing Index
- ISM Manufacturing Prices
- Total Vehicle Sales
Translation - I won't trade much in the morning unless there are some quick runners.
Stocks on Watch List Currently Swinging - tomorrow morning's news will stop em out or keep many going. It's that simple
SPN
KEG
LAVA
ALXA
ENDP
NAK
OCN
FTK
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