Sunday, July 1, 2012

SPX 1400 Is Around The Corner

 SGS is Long (As of close of 4/30/2012)
Chances are good now for indices to continue their rally in the next couple of weeks and SPX 1400 (IHS Objective) very likely will be tested.

SPX 1400 would be an excellent point to sell out of money index ETF's calls and at money equity covered calls.  SPX could also sell off to back test the down trend line it broke through on Friday and possibly its 50 D-SAM around 1340 before powering up to 1400.  Those two supports are both excellent entry points to open or add new longs or sell out of money index ETF's puts.

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.