Possible Play: September 19th, 2008

September 19, 2008 – 2:00 pm

We are seeing the retrace of the 62% fibonnacci retracement line for the spyder index ETF (SPY) set at 126.95. You can either short this position now or wait until it hits the retracement line. For those of you interested in options, the next retracement value is at 117.30, so October 120’s sound about right.

There is ABSOLUTELY NO VOLUME for a 350+ point day and these past 2 days need to be seen as a dead cat bounce. Look for a large sell off next week or later on today before the close.

Thanks for reading

-Justin Moon, Senior writer for Marketchasers.com

Post a Comment