The Spooz sat in the 1160 1150 range after Japan cut rates earlier in the week. Tuesday was the only out sized day where there was a range of greater than 15 handles within the day. Monday we saw a large range to the though it looks now in retrospect it looks like a bear trap, but no one knew what Japan was thinking... Or did they?
Tuesday's rally was from 1135 up to 1158.50 on considerable volume, this as the first day i can recall where volume was above average on substantial up day... It makes sense though as the carry trade got strong, more dollars were pumped into the US market via foreign participants. Of course a hellacious amount of short covering helped in the violence of this move.
This week was a victory for the damn bulls, "Bullshitters". Even with the terrible jobs number today the powers to be managed to pump enough liquidity into the market to drift us up 4 handles on the day to close the week up 20 handles.. good work. I love seeing my tax dollars put to work! ha
Next week 1150 and 1160 should be the immediate support and resistance, though 1140 and 1135 on the downside are key levels. Upside, who the hell knows i dont even want to talk about it.. You upside speculators go watch the fucking dow, i heard it passed 11k today..