S&P 500 ETF- SPY Has Overcome Egypt's Turmoil Looks to Friday's Payroll

Feb. 01, 2011 8:59 AM ETSPY
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John Mylant's Blog
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Long/Short Equity, Growth, Value

Contributor Since 2009

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 minimum and hand-selected number of students each quarter how to trade his system. Besides investing his interests are: Acoustic Guitar, Kayaking, Mountain Biking

Technically Speaking-

In general, the SPY is still in an upward trend as we can see long term by the yellow line. But in the last 12 days we have been moving sideways.

A lot of this may be attributed to the reactionary move last Friday with the Egyptian unrest. We are bouncing back off that reaction

To continue moving up at this point we have a long way to go. We have to push clear above130 and that is a way off into day’s market. The MACD is still showing weakness.

Other Market Influences-

Stocks around the world have recovered their poise and oil prices have eased from elevated levels Tuesday as investors monitor the protests in Egypt.

Though the prospect of more violence on the streets of Cairo, where another huge rally is taking place, is a potential cause for alarm, investors are keeping a close watch on developments elsewhere, particularly the run of major economic indicators that culminates in the U.S. payrolls

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