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S&P Crosses and Closes Above 1000

3 August 2009 No Comment

The bulls are still in control of this market as the rally continued today.  The “key” level of 1000 on the S&P 500 was crossed and perhaps even more importantly held as the S&P closed at just over 1002.  Most would agree that this signals perhaps further strength in the days ahead.  We will see how the rest of the week plays out.

For now, I’m continuing to hang on to my Ultra S&P500 ProShares ETF (SSO) since some more upside is a good possibility.  I’m hoping to close out this position in the next day or two, and definitely by Friday’s jobs report.

We could easily see a couple more percentage points on the upside with the jobs report on Friday providing the catalyst for a reality check, fundamentals-driven correction.

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