Market overview for March 26

The market gapped up yet again today after the GDP and unemployment numbers came out (not good but not worse than expected). It seems this is a daily occurrence now of either gapping up or down at the open. In any event, the market attempted to fill the gap but we were unable to break the Opening Range Lows and we chopped around quite a bit around the 820-830 level on the $SPX.

My first signal of the day was a long on the SPY at 11:15AM. This was a difficult session to trade as there was pretty strong tug-of-war going on between the buyers and sellers at a pretty important resistance level for the SPY. We eventually inched higher throughout the day and closed at the highs of the session.

I had POT and NUE on my radar today, but did not pull the trigger on either because of the choppy conditions (which was obviously a mistake with POT). Oddly, a lot of the financial names were down today (GS, MS, C, BAC) but FAS was up! Go figure :-)

I'll post on twitter during the day as I get these signals on the SPY and I usually trade them by going long/short SDS (or BGZ).

And for the first time in several weeks, I was able to short SRS today. My broker (IB) was always out of shares to short on this ETF.