Well, it was a rough day in Tim-land! I came into the day totally short, and the only bright spots for me were some bullish day-trades in BGU, DIA, and SPY as well as the successful close of my SLV short. Otherwise, I got beat up pretty badly, particularly since there was so much strength in the energy sector.
The next line in the sand above for the /ES is 1090. After that, it's 1108. If the /ES pushes above 1108, that would be pretty impressive, since the two attempts before failed. Finally, there is 1147.50 and, the ultimate line, 1174.75.
So all this chatter I read about how bearish today was going to be was clearly dead wrong. Let's see what Friday has in store for us. There's no doubt that a day like today is going to hearten the bulls, particularly those looking at such battered bargains as BP and RIG, each of which had amazing days.
