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Tuesday, March 13, 2012

A Kodak Moment

After a gap up to new high this morning, the market did not stop to amaze the masses.  It went on steroid and breached SPY 140, decimating the bears.   Speechless.  Needless to say, lots of bulls and bears threw in the towels today.  Bulls chased, and bears cut losses.  This is a Kodak moment and should be framed on every trader's wall.

It's funny I still don't know who stabbed me in the back today.  The FOMC thing at 2:15ish didn't do anything more than small knee jerk reactions, even with selling volume to the downside.  Now this was a clean and convincing breakout.  But with the market's recent wicked temperament, would SPY 140 be a closure of some sort?  Last week we had a big bear trap, would today's SPY 140 breakout be a bull trap?  Dream on...

May be this one should be framed instead?

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