|A little more texture that causes me to be careful. |
I own these and this is what I see.
JDSU..looks like it will go lower near term.
Bac looks like it wants the 7's near term.
Msft looks like it wants to fill a gap lower near term.
Jpm doesn't look like it will take out it's recent high
Intc seems like it is bucking the trend or is it near term options
GE wants to go higher but isn't or is it being held by options near term.
Drys and it's going no where yet.
Nus and a stock that is tired
Cat and it looks tired.
That doesn't give me the feeling we are busting to new highs. It says to me some of the others are causing that spx to lift. Yet where is msft, ge,intc or jpm in the equation.
Again I'm a PERMA BULL. And I have a spx 1429 but that doesn't mean we can't hit it, go to the 1439 others suggest or heck another of mine at 1458. but if my GE isn't breaking that resistance at 22, msft at 33, Jpm at 46 or intc at 30 or Cat at the 120 that says to me bull trap and I'd be better selling covered calls then buying calls into Jan 2013 but waiting for a pull back to buy calls into 2014.
So just to give some fodder to why I'm a bit cautious. Do NOT want to lose money on Jan 2013 Trust me they don't give ya mulligans if you are off six months, month or a day. UGH
Have a good one.