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Still Waiting

Mostly quiet day on again no volume. Sometime soon the big boys are going to return from summer and move this market in one direction or the other.

Technically, the S&P has hit resistance at her 100 day moving average for the last three days and cannot break through and is at the 90 percent mark.

If she can break the 100 day resistance, she will be automatically fighting against her 200 day moving average. If she can break through both, I believe we could have a nice rally as the Nazz has already broken above both its 100 and 200 day moving averages and is at 94 percent.

Like yesterday, I feel the market is right on the 50/50 mark of either breaking through or breaking down. And I'm not really wanting to bet on either direction.

So I'm just waiting for options expiration to see where we are at that time. And just like the market, half of me wants us to go higher and half of me wants a nice pullback. Again either way, we make money and we need and like both directions.

Disclosure: Long DIG SLV VXX Short QQQQ XRT XLE