Tuesday, August 30, 2011

SPX On Its Way To Backtest Its 50D SMA Around 1250

SGS is LONG (As of close of 8/24/11) 
RTS 200110825 Long Portfolio (Bench Mark)

My Long Term Portfolio
I'm 50% in (IWM, QQQ, SPY equal $)
I'm scaling into MOS  PM  GLD  EXPE  NEM  AMZN  MCD  V  AAPL and  PPL.  First buy of 3 buys shortly after open tomorrow.  I'll post on my FB Wall.

I expect indices to pull back briefly to back test previous resistance levels and then fly higher to back test previous significant support levels.  For SPX a pull back to lower 1190's to upper 1180's is very much in the card (excellent buying opportunity).  After that chances are good that we see SPX move up to back test its  50D SMA around 1250.

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.