Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

SPY 660.19

-0.8%

4:00 PM EST

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From: Dr. Stoxx	6/21/2007 10:10:13 AM
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Fwiw, I wrote this to our Swing Trade subscribers this a.m.: Good morning traders! Yesterday afternoon's meltdown was long overdue and puts us back onto our "plan a" scenario: establishing a local low sometime today or tomorrow in order to set us up for a nice window dressing rally to close the month. The trigger apparently was a tank in bonds which raised yield concerns (again). Look for a low to be established around the 1500 level in the S&P500 (150.00 in SPY). I would be a buyer at that point as buy programs are likely to be triggered there. Final support in the S&P comes in at 1490 but I doubt we get that low. If 1490 is tested and fails to hold, then we are looking at a very different type of market than the one we've enjoyed the past several weeks. For the record, I don't think the EOM rally is going to be very exciting, and we may well have to play the short side strongly throughout July and August. On a brighter note, how about SPWR, eh? We've put on 2 other "pre-conference" trades this month and both were nice winners (CCOI, ATHR). A key to the pre-conference trade is to find out who is speaking (a big executive is best), who is listening (big investments banks are best), and when it is taking place (morning market hours are best). We'll be on the lookout now for other opportunities like these.

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