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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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SPY Technical Analysis
  • ETF SPY: JP Morgan Sinks The Ship 0 comments
    May 11, 2012 8:37 AM | about stocks: SPY

    Daily Trading News for the SPY

    RSI- is following the SPY charts as it now moves close to 40. What to watch here is that it is moving slowly just like it did when it was moving bullishly. It is here now, this is not a freak move. If it moves down more we know (and confirm) that we are in a bearish move.

    Bollinger Bands- still, withthe slight lean down it bouinced off the lower band as we thought it would. If we are going to follow this pattern, we(click to enlarge) can watch the SPY be a bit more bullish now until it moves to the top of the band now.

    MACD- we are going to continue to especially watch the MACD Histogram. As it hits low points, if e watch the dips get lower, we know that this move is not going to be that strong.

    Cuttent Events-

    JPMorgan Chase's $2 billion trading loss could give supporters of tighter industry regulation a huge new piece of ammunition as they fight a last-ditch battle with the banks over new federal rules that may redefine how banks do business.

    Tension between Iran and the West is likely to keep oil prices high despite a dramatic improvement in world supply and a big build in stocks, the International Energy Agency(IEA) said on Friday.

    The agency, which advises 28 industrialized nations on energy policy, said soaring global oil supply from OPEC countries and the United States far outpaced global demand, curbed by poor economic activity in developed nations.

    European shares and commodities fell on Friday as Greece appeared unable to form a government and Chinese data came in unexpectedly weak, fuelling fears of a global economic slowdown and keeping safe-haven German bond yields close to record lows.

    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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