11,700 has been a wall since August began. August 31st 11,700/ September 1 11,705/ Today’s high?? 11,715 so far.. its 11:20 AM here in Chicago.
Next chart target is 11,900. Sell some here and risk 100 to 200 ticks. Why you may ask?
Seriously, its the weekend. Anything could happen over the weekend. We could come in Monday morning and have stories of Greece defaulting, or the G20 changing its mind about some aspect.
Also, Flas back to October 4th…. We were down at 10,328…. We’ve rallied back to the top of our 1,300 point trading range..
We’ve rallied 1,300 points: Does that get attention from Cable News Doom and Gloomers? But break 300 or 400 and they are out looking for people jumping out of windows on wall street…
So, sell into this rally but have a buy stop above in case we rally up to 12,000 or 12,750…
That is all.
Have a good weekend.