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Last Night’s Call: Long The SP Near The Low, Right On Target - Again

May 28, 2008 10:05 PM

Somewhat of an odd day as I thought the lows would hold on both XLF and the SP. I was almost certain the SP low would hold today and the trade was long near the low - just as I said yesterday - but the weakness in financials limited the gains in the market. I am not sure what to make of it other than financials are weaker than I had thought. Goldman traded almost exactly as I said, but most others did not hold obviously or XLF would have went higher before lower. Financials are an avoid here and were an avoid, IMO, once yesterday’s low cleared. The SP saved them from melting down today or we would have seen them far lower.

Anyhow, the market did EXACTLY what I said last night. LONG near the low - period. If you had taken that SP trade, it was about a 1% gain from the low. Not bad.

Written by Tom@StockBlade.com · Filed Under Pre-Open 

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