Thursday, November 10, 2011
Interesting action
We selling off all gain this morning in just one hour but most importantly do we hold 1222 on the S&P or we test that 1218 again
WYNN Update
Mentioned that WYNN looked like a short below $125 a couple days ago, now trading @ $118. Good shot this one goes below $100 on continued weakness
Bingo
So overnight we hit 1218.25 as the low as mentioned yesterday that should be the next level of support. The problem with the markets now a days is that 80% of trade are done by computer quants and seem like they are doing their technical plays in the overnight market and that makes it harder for the live traders in the regular hours anything but gamble with news. Quants writer are smart and are taking full advantage of technical whether it be overnight or regular day time hours.
Now for today 1250 should be strong resistance but if we can got above 1252 it would be considered bullish. I am on the fence here since the action overnight is what I was expecting today.
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