Bulls are still fighting back strong, evident in today’s price action when the S&P visited the critical 875 support level before bouncing off at 3PM EST in the last hour of trading. Personally, I do not have anymore reasons to go long from here, every news that I have been hearing so far is only giving evidence that the economy is still far from any near-term recovery.
Tomorrow is going to be a half day due to the Memorial Day holiday weekend and I don’t think I’ll be participating at all. Will wait until Tuesday when full participation returns to start initiating new positions.
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