The end of last week is nothing more than a fleeting bad dream. Yesterday's high is still acting as a resistance area, but I continue to see the 14-day moving average around $117.78 per share on the SPY. If I were going short, this would be the area. In addition to this, the 50-day moving average is also upon us, but I am not going short here. Momentum is coming back in. The reflation trade and liquidity dump is back on. We are also back in the mental state of: "What is going to bring this market down?"
Agriculture shares have recovered a bit here, and holders of POT are finally being rewarded for their patience.
PCLN is still weak, but I am watching the $215 area. If that holds, then I will be looking at a small long position there, with a stop just below that level. GOOG continues to be weak as well. While $500 should offer some psychological support, the stock feels as though it is going to have a sneaky pop this week (or early next week), when the market is doing very little.
Lastly, gold just continues to move. The trade is starting to feel a bit crowded though.
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