8/19/2013 Morning Blog

Monday August 19th 9:04 AM Posted in: Daily Blog

First and foremost I want to thank everyone that took the time to fill out  our survey from yesterday. I haven’t heard from that many customers since we have been in business. My goal is to use the results to make our service even better. If you have specific things we should examine feel free to send us a message. Ok, on to the markets.

 

Markets are generally down as to be expected from our feature chart. This is the last few weeks of vacations for many up till Labor Day, we have Jackson Hole where all the business leaders and finance minister go this week, people waiting for the Fed minutes from the previous meeting to be released, earnings are largely over so there really is not much happening. With this malaise it is not a good environment for options traders. Best to sit on our profits and wait for any opportunity that comes together.

 

Please look at the feature chart of the SPY that shows a classic head and shoulder, break of the neckline, crossing down under 3 moving averages, 10, 20, and 50 ema, and now pressing down through an uptrend line.

 

In my opinion if we break through the 165 level on the SPY we have the possibility of getting down to 162.50 or so.

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