Weekly Market Review: May 10, 2009
I am speechless about this rally. It just keeps going and going and going…
Right now, I’m just going to wait this out until a break of the trend (at least below 900 on S&P 500, Figure 2) with good volume.
From the channel of Figure 2, S&P 500 at 920 – 950 seem like a likely trading range for early next week.
As a side note, the May options max pain for SPY is pegged at $86. Are we going to retrace to that level by this Friday?
S&P 500 ETF
S&P 500 ETF
GICS Sectors Review
After taking a breather last week, the Financial sector is back to fueling this week’s rally. Apparently, all is well and dandy for the financial system (note the sarcasm) according to the FED, see WSJ: Banks Won Concessions on Tests.
6 months: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU
1 month: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU
5 days: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU
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