S&P 500 – 10-01-2007
October 1, 2007 at 9:24 pm · Filed Under Broader Market
Well, there’s the break out of the tight little trading range we’ve been in for the past week and a half. The news of the day was that people thought the fed would lower rates again at the end of the month, which isn’t a great reason for a bullish push. It is, nevertheless, an upward push above a line of resistance. I would look for a confirmation (preferably above 1560) since I’m bearish in general, however, feel free to ride the momentum train of irrational exuberance while it’s running. Just make sure you set some tight stops to limit the carnage when logic takes over.
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