The S&P500 SPY and the US Dollar ETF UUP were both up today as well as bonds being relatively flat and at support. This week’s video goes over the correlation breakdown of today and some short ideas for next week. Also, the S&P500 did close above the 2011 highs of 137.18 today but will need to close above today’s high to confirm. This will be the third time the SPY has closed above that level. The first two times were last week and they both failed. I still think a move to the 50 day moving average on the SPDR SPY is in the cards near term but we’ll find out soon enough.
I’ve got three short ideas for next week also in this week’s video which include BRCM Broadcom, CAT Caterpillar, and AA Alcoa.
Weekly Market Wrap Video Transcription:
Hey, guys. Today is Friday, March 9th 2012.Welcome to the StockOptionAsassin.com weekly wrap video. We really got some mixed signals today with the market, the dollar, bonds, gold and just a bunch of things.
S&P500 Technical Analysis
So, first thing I want to do is take a look at the S&P. And we’re up.