Today saw another small gainer for the indices, with no news or slightly negative news. I urge caution at these levels. The bias and technicals remain in favor of the longs, put option volumes confirm that traders are hedging and not overly confident that the stock markets can go straight up. The fact that we are making modest gains is encouraging, though. What you should look for on the index charts, is to see if we fail to make a new high with out breaking the first major support level already established below that high. In other words, if we make a lower high, then the previous support level is taken out, "look out below" could turn out to be appropriate advice.
I haven't added any new plays today. As always, read my previous posts for good advice/ideas.
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