Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 690.38

+0.4%

Dec 24 4:00 PM EST

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To: penthouse mike who wrote (43394)	1/8/2013 2:07:16 PM
From: GROUND ZERO™	Read Replies (1) of 220648

Another good technical reason for going long here is that the SPY, which is a very widely traded ETF with more than 897.63 million share outstanding as of today, broke down below the break out line and then quickly moved back up above it again... this told me that this market isn't ready to go down quite yet... that line stands at 145.20 today, the low was 144.98 and then it quickly snapped right back above it again... right now it's trading at 145.47 and looking rather buoyant... it could fail later this afternoon, but not as of now... GZ

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