Friday, January 7, 2011

SPY Nothing New

Not much has changed this week. The SPY traded between support (green line 124.66) and resistence (Top red line 130). Its been a real slow grind and vol had not got back to over 300 million yet. It seems anytime we get vol over 300 million its usally a down day so until that vol come back they will likely run this market to the 130 mark. If we should get a intraday touch on the 130 I may do a short scalp on the SPY but will have to see what pattern we have at that time.

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