We started off with a dip in the early going, but the SPY has climbed back up to unchanged, actually a little green. If you are playing the bounce idea from yesterday in which I listed about 8 leveraged market ETFs, then please remember this is a short term trade, we are looking for something very specific here.
This is the triangle formation in the SPY, we are looking for a breakout above the upper trendline, it would have to be rather convincing to have the effect I’m looking for. At that point we’ll want to watch carefully for signs of distribution. If you happen to be long any of those leveraged ETFs and the SPY or any of the other averages make the breakout we are looking for, (1-1.5% would be a pretty decent break) then you’ll want to keep in touch, I’ll also be posting updates.
Wolf on Wall Street 