Tuesday, June 29, 2010

And my long trade got slammed.

Now I'm just trying to exit with little damage as possible and trying to establish a new trade. All eyes are on the neckline of the daily SPX here. We are sitting right on the neckline and if this falls were in a longer-term down trend and will most likely only play short-term short plays and hold cash on corrections, but we will see. IT HAS NOT BROKE YET! Is the key. Tomorrow is going to be very crazy. Another chart is XLY which has clearly broken the up support line. I think we will get a retest of broken support on XLY before we continue down if that is the case.

SPX - Daily below:

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