Tuesday, July 13, 2010

Surge Continues

A strong day with the NYAD showing some of the best and most persistent intraday strength seen in months. After hours INTC's most profitable quarter in a decade report has that stock up $1.50. Many of the techs have followed suit after hours. . CSCO is up .50, as are the Qs. The last hour surge pushed most issues past the R2 resistance level and reflecting the technical confusion that typifies expiration week, the VIX was up also . . strangely rising as the SPX made surges almost perfectly on the half hour . . and you though the markets were random.
A lot of traders were waiting for the INTC numbers before fading this rally, but based on the breath of this current rally it's probably a bit early to get short. A revisit to the April highs would be a great shorting opportunity.

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