Monday, May 18, 2009

Markets: Did we Fill the Gap?

Today's top-tick on the S&P 500 was 910.00. We closed at 909.71,
up 3% on the day.
The last paragraph of Friday's last post:
...So here we have both the group that had led the rally and the broad index each at critical junctures. The first couple days next week should be interesting. Lets's try this on for size:

A fakeout move past Tuesday's 908.35 close to fill that gap followed by a fast 35 point drop followed by...who knows. Stay tuned.
Here's the chart via Yahoo Finance:

Chart for S&P 500 INDEX,RTH (^GSPC)

Where to now?:
We caught the first half of the prediction.
Maybe a little up Tuesday morning, then it pays to be flexible. In the words of The Philosopher:

I'm very bendy.
-Phoebe, Friends: The one where everyone finds out

Or some tunemeisters:

Good Riddance (Time of Your Life)
-Billie Joe Armstrong
Green Day

Another turning point
A fork stuck in the road

Time grabs you by the wrist
directs you where to go
So make the best of this test
and don't ask why
It's not a question
But a lesson learned in time

It's something unpredictable
But in the end is right
I hope you had the time
of your life...

HT: Cassandra for reminding me of the video