I’m not overly excited about the current risk reward ratio for new longs at this juncture.  We have rallied significantly from oversold levels to a mountain of supply.  Whether or not the overhead supply will be an issue remains to be seen. I’m also seeing a bunch of companies miss their numbers, however for the most part their stocks have reacted well after the miss; INTC, GS, GE, JPM, to name a few.

Narrow Focused Bounce

Overhead Supply

Options Expiration Overhang

Resistance Levels Worth Watching