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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: FJB who wrote (48735)	11/15/2012 2:48:54 AM
From: Johnny Canuck	Read Replies (1) of 69966

We have been talking about the major indices being on an intermediate sell signal for a while now, Hopefully your stop losses have been taking you out of individual positions. There is no point in trying to call a bottom to the sell off at this point. A buy signal will not be triggered on my system till we get an intermediate buy signal (cross of 100 day SMA to the upside with a sideways or up sloping SMA). on the indices. Keep in mind the action of the last week has been partially triggered by traders squaring their option positions before options expiration on Friday. INTC for example closed just below the $20 strike price today. It should close near that strike on Friday. The trading on Monday will be more indicative of the mood of traders. Options expiration will be out of the way and the first few hours on Monday are a little light on news. We have not even seen a 10% correction from the recent high on the indices yet.

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