Friday, July 22, 2011

A Bias to Buy

Right now there is a bias to buy. The $SPY is near the top of the trading range. While it seems obvious, too obvious maybe, that the market should go back to the bottom of the range, there is the possibility that we break resistance and have a new leg up.

Nobody promised that the summer correction would end in September or October. It ends when it ends! And that may have been the revisit to the $129s earlier this week (for $SPY).


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