Stocks looking for a direction

After the initial gap up. The stocks are looking for direction.

We are putting an initial resistance level at 1550 to be in the long side.

Stocks finished the week with gains, and investors are cautiously optimistic that the rally still has momentum. The Fed’s bond buying program has been a major catalyst. While the central bank is expected to stay on hold into next year, investors have been keeping close tabs on the latest economic data to gauge when the Fed might start to pull back on its stimulus efforts.

We are not trading much at these levels, most of the trades are intraday plays.