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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: Looks Like Greek Week Everyone! 0 comments
    Jun 17, 2012 11:56 AM | about stocks: SPA

    Weekly Trade Analysis

    RSI- we had a good short week heading into this uncertain time post Greek election. The last two days especially pushed up and left the SPY in bullish territory. This is very significant before the election results. With the big drop on Monday there was not much enthusiasm but the markets showed themselves as being stable and identifying that me as strictly a one day reactionary event. (click to enlarge)

    Bollinger Bands- it was significant that the SPY pushed through the middle band this time. We were watching to see if it would bounce off the middle, thus strengthening a long term bearish move, but it didn't. It pushed through and this week about touched the upper band. Now, it also hit a significant resistant point. So being it hit this point there is a good chance it could bounce back down.

    MACD- short term MA's are fully bullish right now. But the MACD Histogram looks like it may have hit a top. So we will see which waythe stock is going to lean this week. But short term indications are that it could turn down now. But this is just a short term observation.

    Current Events

    The Greek election, that is. One thing is almost certain to come from the Sunday event, and that is more volatility for U.S. stocks, according to analysts and investors.

    "I think the S&P futures will see their high or low depending on the outcome within one hour of the futures' opening on Sunday night at 6 p.m. Eastern time," said Elliot Spar, option market strategist at Stifel Nicolaus & Co.

    Global Recession? But warning signs are everywhere.

    The eurozone economy is flat on its back. Greece may be headed for a political crackup and an exit from the euro and European Union. Deposit runs in Greece and elsewhere are beginning, and a credit freeze throughout the continent is not out of the question. Meanwhile, emerging economies like China, India, and Brazil are slumping.

    Here at home, ex-Clinton strategists James Carville and Stan Greenberg sent a memo to President Obama telling him that his campaign message of slow and steady recovery progress is out of touch with Main Street America. They're right. Of course, Obama's "private sector is doing just fine" statement is part and parcel of his disconnect from economic reality.

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

    Stocks: SPA
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