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Rally attempt – short lived?

Once again the market rallied as I expected. It came out of the choppiness few days ago and rallying higher. I think it is partially due to the end of the quarter and mutual funds want to improve their results. As I mentioned in my previous post, we may expect the market to rally up to 1300 – 1350 points (S&P 500) and there we will see what will happen next.

As far as the action of the overall market, it was bouncing off of the support at 1260 – 1270 and bounced up. We broke through 1300 resistance and now we may see going up to the 1350 – 1360 resistance.

But will this trend be short lived? I do not know. The market may come to its resistance or it may not even get there, turn back down and then we may expect a nasty decline. We will see when we get there.

Recently I was testing options trading during this period. You may see me taking some trades “live”, some I did paper trading. I am surprised and satisfied with the results. I am planning on testing it little bit more – circa for about 30 more days and then I will employ more of my real money. I will also write about it more when I start “live” trading.

Happy trading

2 responses to “Rally attempt – short lived?”

  1. Jim says:

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  2. motorno olje says:

    Nice post, thank you. Do you have a Twitter account?

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