It's probably not a bad idea to take some profits today. I
wonder if options expiration is holding up the market into the
close despite the Fed move. And the reality is (on the 60 min
chart that I trade) is that it is right up at resistance from the
1105 area. I know it was broken, but it doesnt have to be
perfect. Now we are also headed up close to the 1116 area,
which is another resistance level. The risk rewards just dont
seem to favor being excessively long right now. I just don't
see the 4 SPX points worth it. And we are all waiting for
that sell signal right now...
I'd rather see the short term indicators reset (the 5 and 15)
first, if we make another push up into resistance.
RMJ
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Options expiration, resistance, fed hike
Posted by riskmanagerjeff on 19th of Feb 2010 at 01:07 pm
It's probably not a bad idea to take some profits today. I wonder if options expiration is holding up the market into the close despite the Fed move. And the reality is (on the 60 min chart that I trade) is that it is right up at resistance from the 1105 area. I know it was broken, but it doesnt have to be perfect. Now we are also headed up close to the 1116 area, which is another resistance level. The risk rewards just dont seem to favor being excessively long right now. I just don't see the 4 SPX points worth it. And we are all waiting for that sell signal right now...
I'd rather see the short term indicators reset (the 5 and 15) first, if we make another push up into resistance.
RMJ