My position remains the same, I’m still long and will stay long until probably Wednesday. (See my weekly analysis for levels i am watching) We have the results of the stress test out on Thursday May 7th and I’d rather be ‘long’ into that.
If we see a decent rally before the announcement of the results of the stress tests, i would expect a sell on the news scenario. 145 zone still remains my best spot t0 add to longs.
It’s a busy news rich week with ADP and Non-Farm employment change data out on Wednesday and Friday respectively -so I’m expecting lots of volatility.
We could see sideways action between 147-149 until the results announcement.
I’ve got my eyes on the levels i mentioned in my weekly analysis and with the possibility of a ranging market, I’m not holding my breath for anything spectacular today or tomorrow.
Happy Pippin
