Wild week but great week in the Research Center. Nice job to all that followed the methodology closely and made money with us.
The markets ended higher today with the SPY closing at $118.12. On a technical basis this was a close above the Tuesday high of $117.64. This is significant and continues to confirm the bottom was in on Tuesday as I had called. The likely scenario is for further upside in the coming weeks BUT not each and every day. Meaning, panic is still rampant and it is wise to expect 300 point down days every so often. The next major target on the SPY is $120.00. Support remains $115.40.
Next Tuesday Sarkozy (France) and Merkel (Germany) will meet to discuss the issues in Europe. The markets will watch this closely. Another key mention is that volume has been falling. Early in the week 700 million traded on the SPY. Yesterday 500 million and today 300 million traded. This shows panic has been slowly subsiding.
I continue to hold JNPR, HPQ and AKS. I also am holding small cap OXGN.
I picked up JNPR at $20.85 (See Buy Alert Here
). It closed the day at $22.18. This position has a break even stop on it.
I picked up HPQ at $31.58 (See Buy Alert Here
). It closed the day at $32.32.
I picked up AKS at $8.80 (See Buy Alert Here
). It closed the day at $8.97.
I picked up OXGN at $1.65 (See Buy Alert Here
). It closed at $1.47. This stock moves 10% or more in a day and ultimately has the power to run 100% or more on news.
This period in the markets has been the toughest any of us will ever have to trade through. If you survive now, you will survive forever and profit. We had a solid profitable week, nailing the low on the markets when everyone else was jumping out the window.
While extremely stressful and exhausting, it has been a true pleasure to help each and every one of you learn, guide and profit in the markets. Thank you all for being members, I do what I do for you.
Chief Market Strategist