Wells Fargo Reports First Loss, Futures Gain On Bank Bailout Plan

Good morning Traders! First, if you didn't watch last night's Trading Video I suggest you start with that. As I mentioned in the video, I think we might be in for the rally to continue in a strong way today. However, there is a fair amount of overhead resistance as you can see on my S&P support and resistance levels posted below. If you are short going into today I suggest you tighten up stops and let your longs keep your portfolio afloat for now. There will come a time when we can re-short and make some great returns on the next leg down. As far as the big bailout plan that everyone is talking about, I really don't think it's going to fix our problems anytime soon. We still need to get through all this "bad inventory" before we can actually move forward with confidence. But, who said we couldn't profit from market movements in the mean time? Happy Trading!