DOW 13000. Yes we finished above it. Well took us awhile to get there but I think we are almost at a top here and ready for a dip down again. I am looking for that 13000-13200 area for the past weeks as upside resistance and expecially that 1425 on the S&P.
We are one good day away from these resistance numbers and more than likely the next sell off will lead to a rotation back into the agros, oil and commodities stocks. I am now averaged about $96 on my SKF holdings here. I am also long IPI and will be looking to get into AGU and MON on the bounce. Been saying it since the middle of March that we should bounce during earnings seasons and that's one of the most powerful trends in trading. Now that earnings season is close to its end, it will be hard to find a catalyst to push up higher. This is a nice run up and definitely those who were short heavily have taken profits and ready to reset. Make no doubt about it we are in a bear market and this is just a bear market rally and nothing else.
Next week we should reverse the uptrend and I will be looking for more shorts. Look at the moves in AAPL, GOOG etc they can go higher but not much before the selling begins.
Lets see how it plays out tomorrow especially since we have the all important job numbers on tap..
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