Light Volume Profit Taking Sets In - Watch Support At SPY 101
A week ago, the market recovered from a nasty decline and as the week progressed it surged to a new high for the year. That rally resulted from decent economic news; short covering and option expiration buy programs. This week, the market feels heavy and it has fallen into a tight range. While traders wait for the next "driver", the volume has fallen off. Yesterday, durable goods orders came in much better than expected. That improvement was largely due to commercial aircraft orders. Next month, cash for clunkers should provide a big pop to durable goods orders. New home sales were …
August 27, 2009
• Posted in: Options
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