Key Support For The S&P 500 Futures
Tim Knight | Oct 16, 2012 01:51AM ET
Well, the five days the market managed to ease lower felt like a blow-out party for the bears, considering it happens so rarely these days. It's kind of like celebrating the fact that a kernal of corn was placed on your plate for dinner. Whoop-de-freaking-do.
The trendlines on the ES have both provided firm support for the ES thus far, and if it breaks 1439.25, I think it'll just give the bulls more courage. Earlier yesterday, I eased into some bullish positions that have been strong in the recent past (Arch Coal (ACI), AIG (AIG), Alpha Natural Resources (ANR), Avon Products (AVP), Comstock Resources (CRK), PPL Corp. (PPL), SLM Crop. (SLM), ProShares UltraShort 20+ Year Treasury ETF (TBT), EXCO Resources (XCO), XL Group (XL)) to balance out my shorts. I also took a few profits on the short side.
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