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Wednesday, September 1, 2010

SPY Daily Chart w/Today's Intraday Prices

- SPY opened above the short-term channel lines, which was signal to buy-in short position at 106.70. Position entry was at 110.50 so 3.8 points profit plus 1/2 position bought in at 104.5 and resold at 106.5 for an extra 1 point profit.

- SPY level 107.8 - 108.8 are resistance levels. Half the technical indicators are showing bullish signals, half still bearish so no positions at this moment.

- Implied Volatility on SPY has fallen to 23, which is now more in line with EFV value at 22. My short options bias was correct when SPY IV was at 27.

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