Wednesday, December 22, 2010

SPX 1265 Very Likely High For 2010

SGS is Long (as of close of 12/1/2010)
RTS 20101202 Long Portfolio

SPX is about to tag its upper price channel at 1265 tomorrow.  Since the start of the latest bull leg (Dec. 1), a sell off has followed in all three occurrences where SPX penetrated its 13 EMA + 2% vertical shift boundary.  Considering usual holiday reversals and how far SPX has come since its recent low (better than 7% since Nov. 30), a sell off and a move back to the lower price channel is very likely over the course of remaining 2010 trading days.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice

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