Wednesday, September 7, 2011

SPX Is On Its Way To Test 1210-1215 Resistance Band

SGS is LONG (As of close of 8/24/11) 
RTS 200110825 Long Portfolio (Bench Mark)
My Long Term Portfolio
Still waiting to open more long positions

Indices closed at their highs of the day, that's always bullish.  Also, volume picked up as we neared close, another bullish sign

I think there is a good chance tomorrow that we see SPX testing its resistance band between 1210 -1215.  On Friday I expect money to come off the table as we go into the 911 10th anniversary weekend.  Also on Friday indices might sell off hard, specially if Obama disappoints (almost a certainty) in his speech tomorrow night.

My plan is to cover my SPY puts as indices rally early in the day tomorrow.  On Friday if indices are push down hard via their futures, I would do my 2nd buy of 10 RTS stocks.

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.