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Thursday, October 13, 2011

Market Thought... technicals

Just wanted to follow up with some more details around the market technical levels.

The SP500 is near its 5SMA, pending on negativity, there could be a move to the 1180 level.

FYI... as per my previous post my only positions right now would be AAPL, QCOM and GS. Because of the relative strength in AAPL and QCOM, I would be covering my protection here.  I would also be looking to add to GS with this weakness. (I would already have a light position here, and add one option here, then another at 92.)  We already know banking reports will be weak, and the current reaction is from a "V" shape move from the lows.  (I find myself getting more bullish on financials the more I here them being bashed. Also, the activity highlighted on CNBC by Beazer Homes is going to make me dig into housing stocks, and see what the sector is saying.)

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