All day, the S&P fought to break the strong resistance at 827. It broke it finally around midday only to fall back to 820. Financials started to fall and it looked from aspects that the S&P might retest 790 (which is the number I was hoping to see).
However, 820 has become staunch resistance and in the last hour of trading, the markets gained steam and finished the day firmly above 827 at 832. This is a fantastic showing for the bulls. The S&P is good for another 50-60pts to about 880 is my expectation at this point.
Solar stocks rocked up today with my single digit solar stocks gaining upwards of 40%. There was a report out on Bloomberg about China providing subsidies to people who wish to install solar systems. As I have written in the past, I have been holding SPWRB. I sold off some near the one day peak at $26.44 and a bit more as people took profits. I have now added back my position seeing how well the S&P has ended. I am anticipating a multiday rally should this rumor turn out to be true. I may however bail should this rumor turn out to be ...well, only a rumor.
I am holding tight to my gold (KGC and AU) at this point. My holding of FXI is also showing nice gains. These are core holdings.
I have no holdings outside the core holdings. I want to have better entry points before loading up on the financials again. They have been great winners for me this year and I must refrain from getting overly greedy. Never a good thing.
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