Thursday, May 6, 2010

S&P 500 Slumps Down to January 2010 Highs

Graphical example of what I was speaking about in previous post and why S&P 1150 might be some support for at least a cursory oversold bounce.

[click to enlarge]

EDIT 11:50 AM - the predictable cursory bounce off 1151ish did happen, and we go 4-5 quick S&P points. Now we are back to rolling over and in the 1151s. Now the real action happens.

EDIT 11:55 AM - Selling the puts bought about an hour ago here at 1151 area. I think this will provide support for a few hours and tomorrow morning we have news event risk with the monthly jobs report. Plus I need to soak in a victory. If 1150 breaks one can rejoin the fight.


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