Monday, September 20, 2010


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Risk was firmly back in play during the New York session as markets await tomorrow's conclusion of the latest FOMC meeting. The S&P broke above crucial resistance at 1,130, and ended the session up more than 1.5%.
Earlier today the president had a Town Hall Meeting on CNBC. Even though it didn't meet Itz expectations, the markets rallied anyway, which was a positive. Below James Cramer chimes in on his thought...

Looking at the technicals, that all important 1130; Inverse Head & shoulders Pattern/Neckline gave way as expected. Bottom line more upside to go, near term resistance, ultimate upside target over 1200 on the S&P500. Gold is approaching $1300, more importantly, crude oil is undervalued and should rally off the bullish action in equities as well as silver & copper. Continue to favor ProShares Ultra Crude ETF $UCO.

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