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SPX 500 large cap market is within the 1344 resistance zone, being indicated by a blue line on the weekly chart. You can see where this line has alternatively been support or resistance since early 2011. It is currently resistance as the weekly close was 1342.84. This week there will be another test. The market may push above this level, but remember it is where the weekly chart closes that counts. Approximately 1349 would be a 0.236 fibonacci retracement of the 1074.77-1422.38 previous longer
Stocks rallied again on Friday and the strength was somewhat surprising considering the elections being held in Greece over the weekend. But it was an options expiration Friday and sometimes the action can be a little "strange". The Dow gained 115-points.
Last week, the Top 50 had a bond allocation (F fund) greater than 34% (not to mention a 29% cash allocation (G fund), which collectively speaking is quite high for this group. And that got my attention as I strongly suspected we'd see some downside action given those numbers. And it didn't take long to get it as Monday saw some rather intense selling pressure, which drove the S fund down more than 2%.
This week, the Top 50 increased their bond allocation by 3% to a total F fund allocation
Post quadruple witching week
Last week started out shaky for the stock market as we saw a sell-off on Monday, which experience a hangover from the jobs report. Despite some nice rallies, the indices struggled to move above the break-even mark through Thursday, but on Friday the bulls took charge and it moved stocks into positive territory for the week, although small cap stocks lagged.
Syria and Iran bump US CENTCOM's Social Media Presence
United States Central Command (CENTCOM) has been in the public eye for over a decade...
By Jack B. Winn
The United States Central Command (CENTCOM) has been in the public eye for over a decade as a result of the conflicts in the Middle East and persists due to the perceived or real interventions in both Iran and Syria.