SPY may challenge the bearish resistance line 5/2/11-7/7/11 at 131.30 today.

12:21 PM
Stock picks: DMND  HL  NVDA  PWER  ANR

10:02 AM
Looks like some signs of profit taking from the charts of Gold, Silver, Crude and EUR/USD

Not much to say besides to admission that bullish sentiment was strong. Nothing could refrain market participants from buying. Only a wave of profit taking could send markets back from the high, however I don't know when.

SPY daily: The cap may be the the bearish resistance line 5/2/11-7/7/11, then the upper line of the rising channel.

SPY 5min S&R boxes: [129.57 - 130.08] & [131.06 - 131.34].

Trading setup for 1/19/2012
I would have made lots of money if I had been patience enough with the long side.
Is it time to look beyond the one day or two day trade? I don't have the answer yet right now!
At this high level of the market may be a few better chances are ahead?
Anyway to buy some selected stocks is a not bad idea.


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