SPX gaps and goes
Seen the last last few sessions ? It is always a gap and go. Those gains are not achieved intra-day. Most of the movement is handed down to you. This has been the way this market is going . Friday’s job number boosted today gap and than sideways action all day. It frustrates shorts and longs at the same time. The market has been gapping up everyday, and than pulls back a little, and spends rest of the day to the upside.
Many leading stocks are also gapping up. GOOG has now climbed over 900 and may go higher, it was up throughout the session. NFLX had a big day and the stock is moving up after a month long squeeze. Target for NFLX around 250-260. Other high betas are also moving up higher but it becomes harder to put new longs after 4 days up, it does not mean that this is a shorting opportunity.
Tomorrow is Fed day and Bernanke is suppose to speak. The market will be all ears to him, and may react to any words uttered.