10/10/2013 Blog Food for thought

Thursday October 10th 8:15 AM Posted in: Daily Blog

This morning we wake up and the market futures are soaring on news the President and 18 Republicans will be meeting today. I would like you to view the SPY chart we posted a few days ago and refreshed this morning. Let's frame this up. Two days ago we broke the uptrend line to the downside, yesterday our SPY puts did well, today we are going to open hitting the underside of the same trend line we just broke which is called the kiss of death, setting up for a possible reversal. On top of the previous fact the 167 area has three major moving averages coming down and it coincides with the 38.2 Fibonacci retracement line. I suggest caution on any buying of calls until we can punch throw with conviction.

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