First day trading in February, 2009 broke 6-year Dow and S&P winning streak. NASDAQ’s 5 year win streak remains intact.
Both the Dow and the OEX bullish % remain above 50%. Support seems be holding a bit for the S&P500, and our new Dow projections below outline what could happen. A 10% correction from our recent highs leaves the market right back at the 9750 bottom tests that have occurred before.
Sectors are shifting. This means some "sectors" will now decline, while others increase. We've certainly learned in recent days just how important technology is.
It was most interesting in the whirlwind tight whipsaw Friday to see -OEB100220C505 FEB 2010 505.0000 CALL hit highs of 8.10 and lows of 4.30. It was possible for up to $1.00 per contract day trade profits at least three times on Friday.
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