Choppy Day In The US Stock Market

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Choppy Day In The US Stock Market

By David Spurr on December 3, 2008 | More Posts By David Spurr | Author's Website

Tuesday was a day loaded with volatility. Markets made a nice move higher only to be followed by two violent pullbacks. When Google (GOOG) got down to 265, I went long @ 268.77 and trailed a stop up to 271 or so. I got stopped out on one of the really strong pullbacks. I also tried to trade the QQQQs today and basically broke even on the trade. Tuesday’s market was not for the faint of heart.

The charts below show some serious overhead resistance coming on the S&P 500 (^GSPC) over the next couple of sessions. I’m seeing at least 4 overhead resistance levels to get to 912 on the S&P.

I feel as though this market could break hard in either direction right now. I’m completely flat with all positions now. I waiting for the market to get closer to resistance levels before making any significant comittments.

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