page contents Your Financial Blogger: SPY Target: $106 reached

Tuesday, August 24, 2010

SPY Target: $106 reached

SPY dropped to as much as $105 today. I'm looking to go long off of this intraday pullback. (I will NOT be holding long positions overnight even though a bounce looks likely)

-VIX is coming into resistance
-GS is bouncing off of its daily 50-SMA
-MS is at Gap Fill
-SPY has a bottoming tail

All of these reasons lead me to believe that the bottom of the day is in.

No comments:

Post a Comment