Prices Should Hold Up Into The Weekend and Early Next Week. Keep Your Size Small!
Yesterday, the market finally staged an impressive rebound. Prices had tested support at SPY 104 three times and in each case a sharp snap back rally resulted. That was a level that attracted buyers and bears realized that they needed to take profits. After a sharp reversal from a deep decline Tuesday, it looked like stocks might push higher Wednesday. The market opened well into positive territory and it seemed as though we had the continuation we’ve been looking for. By late afternoon, stocks drifted lower on rumors that China was dumping Eurodollars. The market quickly sold off and we finished …
May 28, 2010
• Posted in: Options
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