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John Mylant
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Residing in Colorado Springs, Colorado. Has been trading and coaching using a self-developed option trading system for 10 years. Philosophically conservative, accurately trades weekly options with a strong risk management approach. Well sought after by investors around the world, he teaches a... More
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  • ETF SPY: Watching For Earnings Intently 0 comments
    Sep 22, 2012 8:02 PM | about stocks: ETF, SPY

    Technically Speaking

    RSI- the indicators has followed the stock and shown strong support the whole way. As the SPY has moved up, so the RSI has followed. It is at the point where it has just entered an over bought position. This is usually a sing that the stock is ready for a pullback but it is no indication of a reversal of direction. (click to enlarge)

    Bollinger Bands- after the first strong move up hugging the top of the upper band, the stock appears that it is now on its second leg up. It again has moved to the top of the band. This last week it moved sideways but did not move down at all. Showing more bullish tendencies than anything else.

    MACD- there is not new signs in the MACD nor the MACD Histogram. The MACD continues to remain well above the bearish point showing strength and consistency.

    All indicators point to a continued bullish pattern.

    Current Events

    Both central bank moves are expected to provide a floor for the market, possibly through year end, analysts said.

    "Financial markets will benefit more than the economy," said Fred Dickson, chief market strategist at D.A. Davidson & Co., in Lake Oswego, Oregon.

    With the Fed's decision out of the way, investors are also likely to turn their attention to other issues, including Novembers U.S. presidential election, he said, and looming decisions about U.S. fiscal policy.

    Third-quarter earnings aren't expected to start in earnest until after the second week of October, when Alcoa (AA) is expected to kick off the reporting period.

    "What I'm worried about is what I don't know," said Doug Cote, chief market strategist at ING Investment Management, in New York.

    That includes negative surprises on earnings, he said, as well as the chance that China's economy may be slowing faster than economists previously thought.

    The market is predominantly looking forward to the Federal Reserve and the QE infinity that the Fed promised, and the globally coordinated easing cycle.

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

    Stocks: ETF, SPY
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