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Andrew Crowder
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Over the last few years I have worked diligently towards refining several of my favorite and most successful stock options strategies. My hard work and diligence have proven to be a success and now I want to share my ideas and strategies with a limited group of like-minded investors. My options... More
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Crowder Options
  • Major Market Benchmarks Reach Short-Term Oversold Reading 0 comments
    May 23, 2011 10:26 PM | about stocks: DBA, DIA, EEM, EFA, EWY, EWZ, FXI, GDX, GLD, IBB, IWM, IYR, OIH, QLD, QQQ, RTH, SDS, SLV, SMH, SPY, SSO, TBT, TNA, TZA, USO, VXX, XL, XLB, XLE, XLF, XLI, XLU, XLV, XLY

    Keeping it short tonight. I am overtired and in need of some sleep.

    The S&P gapped lower at the open this morning and proceeded to trade in a sideways fashion for the remainder of the trading day. We are moving ever closer to closing the gap from 4/20. The S&P 500 (NYSEARCA:SPY) moved to a low of around $131.60 which is roughly $0.25 away from officially closing the gap.

    I would not be surprised to see the gap close tomorrow followed by a sharp push higher. However, I do think that the next push higher will eventually fail and push the S&P (SPX) below major support at the 1250 area. Pure speculation of course. Short-term moves are my cup of tea.

    If the market happens to move lower tomorrow at the open, I would suspect that a trade will be signaled in one of the major benchmark ETFs (QQQ, DIA, SPY, IWM). Subscribers be on the lookout.

    If you haven’t already, don’t forget to sign-up for my Free 30-day trial.

    Also, for those of you who live on Facebook. You can access my daily info on the social network as well. Just click on LIKE.

    Kindest,

    Andy



    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in SPY, QQQ, IWM, DIA over the next 72 hours.
    Stocks: DBA, DIA, EEM, EFA, EWY, EWZ, FXI, GDX, GLD, IBB, IWM, IYR, OIH, QLD, QQQ, RTH, SDS, SLV, SMH, SPY, SSO, TBT, TNA, TZA, USO, VXX, XL, XLB, XLE, XLF, XLI, XLU, XLV, XLY
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