$SPY The market remains in
an overbought condition while for the past two days in a row the S&P 500 has
reached a new record during the day but finished lower. It suggests that the
bulls are a little tired. It will take more pullback/sideways moves to work off
the condition. Today’s decisions by the ECB should add some momentum to the
Bullish camp.
With the ECB decision behind
us the remaining cloud on the horizon today is Job’s data which thus far does
not provide additional comfort as to the status of the U.S. recovery.
Today, I will continue to focus
on both $LUV and $CAVM for possible trades.
There have been no additions to the portfolio this week leaving my
allocation at 60% Long below the recommended level of 75%.
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