The View; Resting or Stalling?
- Posted by Frank Zorrilla
- on January 14th, 2013
The SPY started the year with a bang, currently it’s up 3.2%, however the bulk of those gains came on the first hour of the first trading day of the year. To be exact, 2.5% of the 3.2% year to date gain came on the first day. The same could be said for the IWM. up 3.6% for the year in which 2.9% of that came on the first day, pretty much in the first hour. This was all fine and dandy because stocks started to act well after the initial thrust, but now they are starting to rest/stall. Base on my definition of a good set up I’m not seeing many, many breakout are not following through a handful are being faded, and most need some time, which is the opposite of what we saw the first few days. For now we don’t know for sure if we are resting or stalling, we won’t know until after the fact, take one trade at a time and see things for what they are and not for what you want them to be.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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