Wednesday, July 22, 2009

Critical juncture

We are at a resitance and there is a chance to see a sell-off here that takes us back to 880. If your time horizon is long-term, there is no need to sell here but hold on to your stocks. If you are a short-to-medium trend trader, you might want to take some money in the next 2 days. I am holding my stocks here since I plan on holding those for a nice ride.

Here is a weekly chart of SPY and as you can see that we are just at the last high.

I'll add to my positions if we close above 950 in S&P.

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