Moving and Shaking
Adam Brodsky is filling in for Toddo...he will return to his post on Monday.
It's mid-day and the market has not given back too much in terms of gains. The S&P and NDX are holding near their highs. Both indices have broken out of those triangle patterns that I highlighted this morning, and seem to be drifting higher. The question now is whether or not this is yet another head fake.
The market is certainly jumping off some oversold conditions but have we shifted trends? Only time will tell but with the G7 meeting coming up, the potential for market moving information to come out over the weekend is high. I am taking some trades and with the market moving and shaking, I think it is better to be safe than sorry here.
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 email@example.com.
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