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Jay Norris
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Jay Norris is a 20-year CBOT floor veteran, author of the Best Seller "The Secret to Trading Forex, Futures, and ETFs: Risk Tolerance Threshold Theory", "Mastering the Currency Market", McGraw-Hill, 2009, and "Mastering Trade Selection and Management", McGraw-Hill,... More
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Trading University
My blog:
Seeking Alpha
My book:
The Secret to Trading Forex, Futures, and ETF's: Risk Tolerance Threshold
  • Stocks Shake Off Obamacare Concerns 0 comments
    Jun 28, 2012 5:19 PM | about stocks: SPY

    The stock market staged a blistering rally in the final hour of trading today to shake off the initial negative reaction to the Obamacare ruling and reverse direction on the 4-hour chart back to higher. Stocks were down nearly 1.4% following the high court ruling in favor of Obamacare, and looking over the edge of the technical cliff. But it's not over till the bell rings, and as the old saying goes: "pessimists don't' make money on Wall Street". Or, in the words of Old Turkey from the classic Reminiscences of a Stock Operator, "It's a bull, you know". Support from the day to day price pattern held - see chart -- and asset class markets across the board breathed a sigh of relieve as the day end rally ran stock shorts out to keep the near-term trend pointed higher.
    (click to enlarge)
    4-hour S&P 500 Futures Chart

    Jay Norris is the author of Mastering Trade Selection and Management, McGraw-Hill, 2011

    Trading involves risk of loss and is not suitable for all investors.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY
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