Monday, June 1, 2009

Back in the Saddle

Hey folks. I'm back from my rather un-sunny stint to California. Much to my chagrin Mr. Market welcomed me back with a rip the face off the bears rally. Here's a quick look TA look at the $SPX. I'll post a couple trade reviews later tonight on some bull put spreads I exited today.

In the intermediate term I would watch the highs from Oct & Nov around 1000 to serve as the next upside target for the market. Coincidentally, 1015 is the 38.2% retracement level of the entire bear market. This confluence of resistance further validates the significance of the 1000 level if we reach it.

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