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FXI Trade looking up, while SPY and TZA positions still down.

|Includes:iShares China Large-Cap ETF (FXI), SPY, TZA

The FXI trade that I placed yesterday is showing great promise after the surprise rate hike by China that was announced early this morning. Now  if the S&P 500 (NYSEARCA:SPY) could follow suit it would be a wonderful day.

The gap closed in AAPL so now I think we could begin to see the downturn that we bears have been anticipating. The $116.72 area is still acting as a strong area of support (hit it again this morning) so that would be the first obstacle. If SPY can manage to push through that area then I suspect that we could see a decent move to the downside. However, if the market is able to pick back up and move above the $118.70 area then I think all bearish bets are off.

I have so much to say, but not enough time right now, so stay tuned as I will be back later today with more posts.

Kindest,

Andy


Stocks: FXI, SPY, TZA