Thursday, November 12, 2009

Back to Monday Levels

We are getting a pullback from the 8 day uptrend, ahead of a Friday in which traders will likely not want to be short ahead of the weekend.  There is good support around 1085, which makes it a compelling risk reward at these levels.  If we fall below 1080, then I am wrong, but I believe we will have a strong Friday.  I have gotten long near support and will be holding overnight.  I will close out the trade sometime tomorrow. 

2 comments:

Anonymous said...

You're getting long the SPX right here?

Market Owl said...

Yes, I am long the SPX. I will close it out sometime on Friday.