Base in Your Face
My time will come...the question is when!!!!!
Adam Brodsky is writing today's trading diary. Toddo will return to his post on Monday
We continue to base as we head into the weekend. In my opinion the absolute worst time to put on a position is late Friday afternoon and because of this the volume may continue to dry up. I am paying attention to how they are going to close the SOX (above 494), S&P (above 1070), Dow (above 10,026), and the NDX (above 1405.) In my mind, these levels are key areas and a close above them may be bullish for the aforementioned indexes and the overall market.
Next week will be a lead into option expiration, which is one week from today. I am going to be looking at a wide range of stocks over the weekend and try to gauge where we may go from here. I am also going to be looking at heavily traded names and where they are relative to where a large amount of open interest may be. With volumes so thin and a lack of near term catalysts, that may drive next week's market.
Have a great weekend.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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