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Thursday, September 30, 2010

SPY What a Rally!


-Good economic data is boosting the overall market in early trade. SPY is trading at 115.35 at this moment, and it is so tempting to take profits, especially considering how far SPY has risen in such a short period of time. But my indicators are still mostly in bullish territory, and SPY has yet to break below the steep trendline. Let's see how far this market goes...
- First profit/stop is raised to 113.9, and second profit/stop is 111.9. I think this rise is a meaningful rally, and even if there's a correction, I would be surprised to see SPY below 112.
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