SMF Street Traders Online Stock Market Trading Analysis, Videos, Commentary
The market pushed higher again today. The last two trading days erased the sharp Tuesday decline. The collapse on Tuesday was the biggest point drop of 2012. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $136.76, +1.07 (0.79%). While most amateurs have regained their bullish composure, the true pro traders are still skeptical. With the SPY hovering at gap fill and the markets yet to take out their 52 week highs, the bullish case is still lacking.
This bullish action is ahead of the Non Farm Payrolls report tomorrow as well as key news out of Greece. Until the SPY takes out the $138.19 level, caution should be used. Always remember, a bull never goes down without a major fight.