Tuesday, November 23, 2010

11-23 mid-week update

I told you over the week end I expected the first two days to be down.  The view for the remaining 1.5 days of the week is not real clear as we have 1 shorter cycle still to bottom and the 45 day cycle will top early next week.  There may be a chance for a short term trade on the long side if we have the market opening down tomorrow morning.  I view it as a fairly high risk trade and suggest if you take the trade you be careful and don't get greedy.....

Overall I still think Wed-Fri will be up, but given it is a holiday period trading it may be boring without a lot of movement on low vol.  The best advice may be to set stops and take Wed and Fri off.

Here is the SPY:

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