By Sell Puts
Today was a bit of a sellers market, albeit we are down 171 PPS on the DOW i still believe this is healthy trading. If you look back to the DOW chart i posted yesterday you can see that i pointed out the dow was approaching resistance at 12475. This resistance was met today @ 12480, OK OK i was 5 $ off but my point was made. If you look at this 5 minute chart you can see the dow charged up in the opening to this point then retreated,to the close where support held on the 200 SMA. What does this mean you might ask? i believe this means their are still people with weak hands and or retail traders taking profits on all the MARKET GAP FADES opportunities that made a few people rich!
Drumbeat: June 2, 2012
4 hours ago
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