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Fuinhaz $SPY morning update for August 20, 2012
$SPY pulled back, and currently holding the 142 level again. Many names I have been watching making new highs lately, finally pulled back. Not sure if selling will continue for now, but it would sure be nice to see it. To be honest, I am now trying to figure out if this will be a buy the dips kind of week, or the beginning of a major correction.
So far it has been a great idea to short names that had run too much last week like $COG, $KORS, $PXD, and $EL. Like I said, the market dropped hard, turned back, and is now holding the 142 level, but these names barely moved from the bottom up.
142.12 is today’s pivot, but 142.26 remains my current break out level.
May you all have a good continuation of your day.
Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.
Be Sure to Check out Ryan’s Site at Shareplanner.com
2012-08-20 12:02:51
Source: http://www.shareplanner.com/daily-spy-read/10379–fuinhaz-spy-read.html
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