The market has climbed steadily higher all day. The QQQ has now erased yesterday’s YHOO-based after-hours losses. And now it appears that some analysts are piling on:
(from Briefing.com)
11:32 Hearing Tier-1 firm putting out technical Buy call on the Semiconductor HOLDRs — SMH (35.07 +0.20)
Even with the action before that call I think that the bears would be in a profit taking/protecting mode. Things may get interesting here. The Dow and S&P 500 have risen back above their 50-day moving averages but the NASDAQ still has a few points to go. I picked up a couple of longs (JNPR & ESIO) this morning and I may add a couple more if they trigger.
Looks like the buyers bailed out at the end of the day. Good for me with a Short on (JPM) and (HOV). Suppressed a couple of Long triggers that never popped (BBY for one) though. The market is creepy as we head toward the Nov. US election.
Those are 2 good looking shorts, especially HOV. And yeah, ‘creepy’ is a good way to describe the market right now.