The market stalled out a bit earlier this afternoon at the 50 day moving average on the S&P 500. This lined up very nicely with the very key 2900 level on the NASDAQ which is a multi year resistance/support area. I'd consider the action today constructive as long as there is not a major flush here into the close. 1340 and 1370 on the S&P 500 are going to be key areas that those of you following along this year should be very familiar with – they have been battleground spots throughout 2012.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog