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Wednesday, September 8, 2010

SPY Daily Chart w/Today's Intraday Prices

- SPY is 110.5 at this moment, which is right at the top resistance line. Last Friday, I recommended to go long delta 1/2 position should SPY fall this week. I went long at 110.0. I would go long the remaining half either below SPY 109 or above closing price of 110.6. My first stop/loss level would be 106.9.
- If SPY closes up today, the Volatility Signal would cross above 50, turning bullish as well, confirming Linear Regression Slope and EFV indicator, which turned bullish last week.
- Implied Volatility in SPY is 22, while EFV indicator is at 20.4. I would not be long volatility at this point.

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