For Immediate Release
Chicago, IL – June 11, 2010 – Zacks highlights commentary from People and Picks Trader “MW”.
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Technical Bullish and Bearish Scenarios
The Bullish scenarios:
– It starts when SPDR S&P 500 ETF (SPY) breaches the 107.5$ and stays above that level for 2 or 3 days. Then a rally starts up to 111$. – I will personally drop out at the 111$ level. – If SPY breaches the 111.3$ and stays above that level for 2 or 3 days then it is going to be traded in a very thin margin between 111.5$ and 113$. I will also stay out during that period. – If SPY breaches the 113$ and stays above that level for 3 or 4 days then the whole market becomes bullish and I think that only happens if it occurs with concrete positive signs regarding the economy. I will enter the market again at this level.
The Bearish scenarios:
– It starts when SPY breaches the 92$ and stays below that level for almost 2 or 3 days. then that will trigger a downside to 87$ the next support level. I will hold some short positions then. – If SPY breaches the 87$ and stays below that level for almost 2 or 3 days then it becomes more bearish that allows for additional shorts down to levels of 80$ – If SPY breaches the 80$ and stays below that level for 2 or 3 days then it becomes bearish again down to 75$. – At 75$ the SPY is supposed to show its strongest support.
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