Dow closed at a 2 month high breaking 17k and the S&P closed just shy of 2000 after breaking that level intraday today, the reason might be because of crude oil price today, which had its best week in last August, moving up 10% this week alone.
The technical chart master Steve Grasso thinks you might want to start putting on some shorts at this level. He originally picked out the 2000 resistance point, which the S&P failed to close above at today. And at this level, there’s so much resistance to go much higher, which includes the 100 week average of 2011 level, the 200 day moving average level at 2023, and then the 50 week moving average of 2034. There’s just too much head wind to be running with the bulls.
CNBC FAST MONEY FINAL TRADES 03/03/2016
Tim Seymour – Buy BHP Billiton (BHP), more room to go for the mining space
Steve Grasso – Buy DuPont (DD)
Brian Kelly – Sell Deutsche Bank (DB), short DB ahead of ECB
Guy Adami – Sell Marathon Oil (MRO), take profit here