2 Day Rally
Keystone Trading Group -Market Update The market continued it’s 2 day rally today. The Dow closed up 111.32, and the $SPX up over 14 points closing at 1103.82.The $SPX has been pushed back up near its 20MA at 1109. The volume over the last 2 days has been unimpressive and makes us believe that we have more room to go to the downside.The up volume was almost 100 million less per day than the volume that we had last week on Thursday and Friday. Apple, (AAPL) and Amazon (AMZN), the two strongest stocks over the last year have also been showing signs of relative weakness. AAPL traded down .05 from the open today and AMZN was down .63 from the open. These stocks led the way up and could very well be telling us that we have not completed the correction. The Financial sector was a pillar of strength today as many have seen opportunity as these stocks had pulled back hard and that the chance of Obama plan to put further restraints on them looks like it is dimming. Golman Sachs(GS) and JP Morgan (JPM) were the strongest of the bunch, yet both are still trading below their 50 and 200 day MA. We will continue to trade both sides of the market, however, the order flow still remains to the downside. Therefore, our expectations for follow through are minimal to the upside and will look to book profits sooner on our long positions and will look to build short positions into this rally.
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