Analysis for Short Term Option Trading!
RSI-
Yesterday’s move in the SPY was strong enough to inch the stock just above the ‘50’ level that separates bulls and bears. The indicator is following the stock on a daily basis as we see it attempt to fight its way up higher.
Bollinger Bands-
Pushing off a bottom, we are either going to see the stock bottom out or we are going to see it continue up. It is pushing sideways through the band that has a slight downward lean. It has just touched the middle band (20 day MA) will it be a resistance level?
MACD-
Still pushing up from that huge move down, it looks to continue to want to move up. And the MA’s are showing a turn and ready to continue to move up also. Appears to have a bullish desire to it.
World News
Europe's main stock markets slid on Wednesday, retreating from bumper gains the previous day, as investors fretted over a looming bond auction and fresh banking woes in Spain.
In late morning deals London's FTSE 100 index dipped 0.14 percent to 5,759.07 points, Frankfurt's DAX 30 shed 0.40 percent to 6,773.67 and in Paris the CAC 40 dropped 1.0 percent to 3,260.30 points.
US Markets
Stock index futures dipped on Wednesday after the S&P 500 tallied its biggest gain in a month and ahead of another round of corporate earnings.
The benchmark S&P on Tuesday climbed 1.55 percent, its biggest percentage gain since March 13, after Coca-Cola Co led a round of solid earnings reports and after concerns eased over the euro zone debt crisis.
"What we've seen lately is when we see one and a half percent moves here, up or down, the markets tend to take a pause the next day, as opposed to snapping back that one and a half percent the other way," said Keith Bliss, senior vice president at Cuttone & Co in New York.
Halliburton Co. says its first-quarter profit increased 22.7 percent as the oil industry aggressively searched for new oil fields in North America.
The Houston oil services firm on Wednesday reported net income of $627 million, or 68 cents per share, for the first three months of the year. That compares with $511 million, or 56 cents per share, for the same part of 2011. Revenue increased by 30 percent to $6.87 billion
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