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Monday, September 20, 2010

Market Thought... just the chart

A carry over from my intra-day post. Here is the SP500 chart that highlights the potential resistance around the 1150 level.

Obviously, the 1150 mark was barely a blimp in the move upward in mid-March. So an argument can be made that the 1150 point is erroneous.

Will it provide resistance? I do not know. After all, the market has a long way to go just to get back normal valuation levels.

I will take on light, day-trading, protection trades via SPY puts. Most likely close it out if the market sees intra-day weakness. But for the most part, looks like...

the slow and steady move upward has begun.

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