Exposing Ideas to the Envelope of Serendipity

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Wednesday, September 1, 2010

Enter September

As a turbulent August makes its exit, it's a good bet that bulls aren't too sorry to leave the moody month behind, not that September's reputation for stock performance is a whole lot better. Still, there have been plenty of years that bucked the stigma, and so far, at least, increasingly well-defined support has held firm. To anyone with even one eye open for much of this year, the support surging in on and around each test of the 1040 level has been quite obvious. Typically, the more successful tests of a support or resistance level there are, the more established and important the level becomes. Tuesday's frenetic end of the month session again put the magic number to the test and again saw surges of buying near the lows. Futures have rallied sharply overnight and look poised to break out above last week's highs on Wednesday. It will be interesting to see how the market greets September, and how and where today's session closes.

Trade well.

-- Brinkley
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