Important Healthcare Ruling and The EU Summit
The Supreme Court ruling on the Healthcare bill and the big EU Summit are in focus the rest of the week. Monday had significant selling to a low of 1,309 on a run to the 200 SMA but then the last 2 days produced a rebound to erase Monday’s big loss.
The market is in full up and down swing mode and the S&P 500′s 50 SMA at 1,342 is within reach for an upside retest and the 200 SMA at 1,297 is the lower support. It is all about momentum computer trading. As frustrating as that is for investors, traders can take advantage of both select longs and shorts.
Today’s market had a solid move back up after a better than expected durable goods number and then a decent earnings report from Lennar Homes as part of the housing sector recovery. The market is still waiting for the big ruling decision by the Supreme Court on healthcare and its numerous ruling options could cause higher volatility in the next few days. Finally, the outcome of the EU Summit could also move the market if some positive surprises are reported. Most investors are expecting it to be a non-event.
Power Stock Picks:
Because of the multiple big up and down daily market swings, we decided to pick both longs and shorts for swing trades for tonight’s power picks. These should work for the next week or longer.
MR recommends investors continue to remain cautious and lighter on riskier equities until after the longer term financial situation in Europe has more clarity.
Gold and silver are still basing and oil should find a bottom soon. Scale into all 3 on any more weakness a little at a time.
The caution alert for retirement accounts and investors is still present and will remain for the foreseeable future.
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