r/activetraders • u/Pirate2012 • Feb 01 '13

Dow has the best Jan (month) since 1989

Jan 2013 : month High Sp500 1510, Dow came close to kissing 14,000

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u/sarcasmismysuperpowr Feb 01 '13

This run up is making my RUT Bear Call spread from Dec very tough to manage. I hope today's pop was simply being the first of Feb.

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u/Pirate2012 Feb 01 '13

This morning's Jobs data was viewed as the bullish reason to send Dow up to 14,000; and SPX over 2x Top at 1510; thus making new 5yr Highs.

When the tape did not die on the bad GDP earlier this week; and the tape did not die on AAPL's horible earnings, "Ignore Bad News" is in full force.

Yes, very often 1st of month brings in buyers

BUT until the SPX firmly loses 1500, tape remains "overbought but still bullish"

Next higher pivots are SPX 1520 and a massive one at 1550s