Let’s kick some ass!

If our president can say it on national TV, I can say it on my measily little blog.

A strange day indeed. The big-caps had a strong day, with the S&P and Dow finishing well into the green. But the small-caps and high-beta stocks were in the red, i.e., the Nasdaq and the Russell 2000. Even though some of the indexes closed red, none had a late day selloff. The RUT and Naz both fought hard to get back to breakeven, which is quite different behavior than the recent closes.

So can the up move continue? Looking at the chart we seem to be in a range here that goes back to January/February…a channel for the S&P of 1050 to 1100. So the first thing we have to do is reach the top of the channel. That would be a nice 50 point move.

Then we can see if we can break back out once we get back to 1100….but it looks like just getting there may be a rough ride.