Monday, June 12, 2006

S & P

Holding the opening range for now (although if there is a downside breakout it would most likely occur in the next 40 minutes). Nasdaq 100 seems to have broken to the downside (although only slightly). In March I might have considered buying QQQQ's here for a long trade as a failed downside breakout with a stop in the 38.70 area, but I just don't think this market has enough legs to sustain much upside today.

I did buy IFO, which caught my eye due to the drubbing it has taken at the open today. I noticed some institutional sized bids coming in for it in the 17.85 level, so my portfolio is long 12% currently. I may buy another chunk around 12 depending on how the chart acts.


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