Monday, May 18, 2009

strong push up on $SPY

SPY pushed up hard today, 55m momentum indicators are pushing up hard on the overbought scale, Volume on the day was light, there was not a lot of resistance from the bears. We should be turning over lower tomorrow sometime. The best case scanario would be a higher open and a sell off throughout the day. If we get a higher open, buy some puts. 85$ June puts would be the best play, with the most liquidity.

Cash21

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