9:00am(EST)
The bulls were looking good on Tuesday after pushing the market higher for much of the session but the final hour of trading favored the bears as they got the win and cracked another layer of support in the process.
The Dow dropped 59 points, or 0.5%, to close at 12,756. The blue-chips traded down to 12,748 on the open but rallied to push a high of 12,898 before Wall Street’s lunch break. The close below support at 12,800 was bearish and set a trap down 12,600, and possibly 12,400, on continued selling pressure. Resistance is at 13,000 if 12,800 is cleared.
The S&P slipped 6 points, or 0.4%, to end at 1,374.53. The index traded to a low of 1,371 to start the session but rebounded to a high of 1,388.81 before succumbing. The bulls have done well holding 1,375 but the close below this level gets our 1,350 target we have been calling foe since mid-October in play. (continued…)
****************************
If you are not a subscriber but would like to read more please click here. We are one of the fastest growing stock options trading advisors on the internet and we are doing well for 2012. We offer 2-3 powerful call or put option trades each week (depending on market conditions) aimed at triple-digit returns for our Daily newsletter and our Weekly Wrap Covered Call Portfolio strides for double-digit returns on a monthly basis and is 26-0. Together, we are 144-50 (75% win rate) for both newsletters and we doubt you will find a better options trading service.
If