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Obama goes to Rio with his family, the US military starts shooting 120+ tomahawk missiles into Libya, and stock futures jump. Whatever. For those who are still in this almost immoral place which was once a stock "market", here's what I see TA-wise, using S&P500.
So far, the current correction, though it feels severe because it comes in the middle of geopolitical troubles in the world (plus 9.0 earthquake in Japan), is not very big one. Take a look at how the market corrected from May 6th flash crash. It took 5+ months to recover. The obvious resistance is 50-DMA, which sits at 1,302, about 23 points away.
Down volume is more significant than up volume, but again, the volume doesn't compare anywhere near the level seen in May and June last year.
I'm invested in gold, silver, and oil stocks and options, but I don't trade any more these days. I was too busy to cover AMZN short on Friday and close out all trading position. Oh well. My AMZN target was around $150, where the weekly 50-MA is right now. But I may just get out, depending on how much Ben and Timmy want to hype the stock market.
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