The 915/920 level is important. Tomorrow we’re looking to see if the market can push through this level on solid volume. Today’s volume on the SPY was below average, but significantly better than yesterday’s. We broke through the 50-day moving average, which will probably serve as some sort of support tomorrow. It’s at 90.43.

XLF had good volume. I put on a strangle yesterday for 1.85 that is now worth about 2.05 or so. I’m hoping for a little more, but will be watching the price action tomorrow, exiting if necessary. Even if the SPX remains stagnant, I think that financials have a chance to continue their rally. Just look at the volume on the XLF, GS, or MS; the fed lowering the rate to a near 0% rate sparked the spike, helped by the less than expected losses from GS (obviously, still horrible). Watch MS for earnings tomorrow. I’d look for resistance at 13.50 on the XLF, which is its 50 day.

PS: No more for today. I have two final papers that I have to work on due over the next two days. Take care.

Update: Got scared out of my strangle. Sold for 1.88, gained a small +1.6% gain.