4 Responses to this post

1. Thomas on July 7th, 2010 2:09 pm

   One day rally and everybody is already giddy on CNBC, it is amazing how quickly they forget. Spy volume sure didn’t look very strong today for such a big move.

2. Karl Eggerss on July 7th, 2010 4:32 pm

   It was a strong move and bound to happen. But, unless we get follow through, it’ll be a selling opportunity. Earnings that are better than expected could get us up over 1100. But, yes, giddy they are.

3. Patrick on July 9th, 2010 11:55 am

   Hi Karl,

   What are your thoughts on BUCY? On the daily chart, it looks like a triangle with higher lows and lower highs but favoring a break to the upside above the 50 day moving average. Seems like coal, steel, ag, and the mining equipment makers are moving up. Seems like the risk trade is back on or would this be a sell into the earnings kind of move?

4. Karl Eggerss on July 11th, 2010 12:18 pm

   I love this picture. I think it has clear sailing until $59.50, then maybe it rests before moving higher. Nice one.

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