So it wasn’t the bounce the bulls were hoping for, and it wasn’t the downward follow through the bears were anticipating! So there is a lot of mixed signals that we got from the S&P today. For starters, we bounced nicely off the 200-day moving average, but we also closed below the 10-day moving average for the first time in 35 market sessions and the last time this happened was in November, which saw an extended move to the 50-day MA. In my opinion, I would say that this tie goes to the bears still. But I am fully aware that I could be proven easily wrong on this theory. Nonetheless, my stops are extremely tight, and should the market rally, I’ll still be in good shape.
LONG: United Technologies Corp. (UTX)
SHORT: Duoyuan Global Water (DGW) – Reports earnings tomorrow so wait for the dust to settle before shorting.
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