Press Your Luck

Overbought conditions presented little trouble as traders played another round of press your luck following the Fed.

Ultra financials (UYG), real-estate (URE), russell 2000 value (RKH), and insurance (KIE) were big leaders out there along with a number of gold stocks.

In Monday's mailbag I targeted S&P 805 as a key level to watch and we wound up three points shy on an intraday basis. Again, if you are long and strong you have like what you're seeing out there although at the same time you'd have to be crazier than sack of weasels not to take a little off the table as we try to overcome another level of resistance into options expiration and the better-than-average tendency to see reversals from a post-Fed rally.

Perhaps being a crazy man is what you need to win in this market. Well, I can play that game as well as anyone, can't you?